NKE vs RSP: Correlation
How closely do Nike, Inc. (NKE) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NKE and RSP?
Across a 3-year window, the weekly returns of NKE and RSP correlate at 0.43, moderate. The link has tightened recently: the 1-year correlation (0.53) runs above the 3-year figure (0.43). Stretching to 5 years gives 0.52, with an annualized covariance of 206.0 %².
RSP is one of the assets that tracks NKE most closely: it ranks #3 out of the 33 assets we track against NKE. Their recent paths diverged sharply: over the last 12 months RSP outperformed by 68.6 percentage points (-49.4% for NKE against +19.2% for RSP). This link changes with the market regime, having swung between 0.13 and 0.67 on a rolling one-year basis. One caveat on sizing: NKE is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
NKE vs RSP: side by side
| NKE (Nike, Inc.) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | -49.4% | +19.2% |
| 5-year return | -75.2% | +53.9% |
| Volatility (ann.) | 36.6% | 13.2% |
| Beta vs S&P 500 | 0.93 | 0.77 |
| Max drawdown (3Y) | -66.9% | -17.8% |
| Market cap | $57.0B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 4.22% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Consumer Discretionary | ETF · US Large Cap |
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.
Year-by-year returns
| Year | NKE | RSP |
|---|---|---|
| 2022 | -29.0% | -11.6% |
| 2023 | -6.0% | +13.7% |
| 2024 | -29.1% | +12.8% |
| 2025 | -13.8% | +11.2% |
| 2026 | -38.7% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.16% of RSP is NKE itself, so the fund partly moves with the stock by construction.
Are NKE and RSP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NKE and RSP?
The NKE/RSP correlation stands at 0.43 on a 3-year window (1 year: 0.53, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for NKE?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nke-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nke-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NKE correlations · RSP correlations
