NSC vs RSP: Correlation
How closely do Norfolk Southern (NSC) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NSC and RSP?
Across a 3-year window, the weekly returns of NSC and RSP correlate at 0.62, strong. The past 12 months show a weaker link (0.30) than the 3-year average (0.62). Stretching to 5 years gives 0.63, with an annualized covariance of 178.6 %².
By 3-year correlation, RSP places #7 of the 32 assets tracked against NSC. On 12-month performance NSC holds a 10.8-point edge, +30.0% against +19.2%. Across three years, the rolling one-year figure varied moderately, from 0.34 to 0.82. Risk is not evenly split, since NSC carries 1.7 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.
NSC vs RSP: side by side
| NSC (Norfolk Southern) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +30.0% | +19.2% |
| 5-year return | +49.6% | +53.9% |
| Volatility (ann.) | 22.0% | 13.2% |
| Beta vs S&P 500 | 0.69 | 0.77 |
| Max drawdown (3Y) | -25.1% | -17.8% |
| Market cap | $78.1B | – |
| P/E (trailing) | 30.1 | – |
| Dividend yield | 1.53% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Industrials | 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 | NSC | RSP |
|---|---|---|
| 2022 | -15.6% | -11.6% |
| 2023 | -1.6% | +13.7% |
| 2024 | +1.6% | +12.8% |
| 2025 | +25.6% | +11.2% |
| 2026 | +22.0% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that RSP holds NSC at a 0.21% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are NSC and RSP good diversifiers for each other?
Only partially. A correlation of 0.62 means NSC and RSP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NSC and RSP?
The NSC/RSP correlation stands at 0.62 on a 3-year window (1 year: 0.30, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for NSC?
Only partially. A correlation of 0.62 means NSC and RSP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nsc-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nsc-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NSC correlations · RSP correlations
