MTUM vs RSP: Correlation & Overlap
How closely do iShares MSCI USA Momentum Factor ETF (MTUM) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong. Looking through to holdings, 19.2% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTUM and RSP?
Over the past 3 years, MTUM and RSP moved with a correlation of 0.69, which is strong. The link has loosened recently: the 1-year correlation (0.51) runs below the 3-year figure (0.69). Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 186.8 %².
Among the 109 assets we track against MTUM, RSP ranks #31 by 3-year correlation. The trailing year gives MTUM the advantage: +25.2% versus +19.2%, a 6.0-point spread. Across three years, the rolling one-year figure varied moderately, from 0.47 to 0.88. Risk is not evenly split, since MTUM carries 1.6 times the volatility of the other side.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
MTUM vs RSP: side by side
| MTUM (iShares MSCI USA Momentum Factor ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +25.2% | +19.2% |
| 5-year return | +76.1% | +53.9% |
| Volatility (ann.) | 20.6% | 13.2% |
| Beta vs S&P 500 | 1.25 | 0.77 |
| Max drawdown (3Y) | -21.0% | -17.8% |
| Dividend yield | 0.62% | 1.49% |
| Expense ratio | 0.15% | 0.20% |
| Assets under management | $25.3B | $97.3B |
| Sector / category | ETF · US Style | ETF · US Large Cap |
MTUM, iShares's Large Blend fund, carries $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield. On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Portfolio overlap between MTUM and RSP
The two portfolios partially overlap. Weighing the shared positions, 19.2% of the two funds is identical, spread across 110 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in MTUM | Weight in RSP |
|---|---|---|
| NEM | 0.76% | 0.26% |
| MPC | 0.53% | 0.26% |
| VLO | 0.70% | 0.25% |
| PSX | 0.49% | 0.25% |
| ANET | 0.80% | 0.25% |
| TGT | 0.36% | 0.24% |
| FCX | 0.51% | 0.24% |
| DELL | 0.63% | 0.23% |
| STT | 0.33% | 0.22% |
| WAB | 0.27% | 0.22% |
| BNY | 0.66% | 0.22% |
| WELL | 0.81% | 0.21% |
| JNJ | 3.67% | 0.21% |
| CSX | 0.58% | 0.21% |
| CTVA | 0.26% | 0.21% |
Largest positions held only by MTUM: BE (0.69%), RVMD (0.30%), FTI (0.28%), ALAB (0.20%), RKLB (0.17%). Only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | MTUM | RSP |
|---|---|---|
| 2022 | -18.3% | -11.6% |
| 2023 | +9.1% | +13.7% |
| 2024 | +32.9% | +12.8% |
| 2025 | +22.1% | +11.2% |
| 2026 | +21.8% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTUM and RSP good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MTUM and RSP?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.51 over the last year and 0.74 over 5 years.
Is RSP a good diversifier for MTUM?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do MTUM and RSP overlap?
The two funds share 110 holdings amounting to 19.2% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mtum-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mtum-vs-rsp/)
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Related comparisons
Hubs: MTUM correlations · RSP correlations
