NTRS vs RSP: Correlation
Measured on weekly returns over the past three years, Northern Trust (NTRS) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.75, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTRS and RSP?
Over the past 3 years, NTRS and RSP moved with a correlation of 0.75, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.54 versus 0.75 over 3 years. Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 235.1 %².
Few assets follow NTRS as closely as RSP, which ranks #2 of 33 tracked partners. Correlation aside, the last 12 months split them widely, with NTRS ahead by 25.6 points (+44.8% versus +19.2%). The rolling one-year correlation moved between 0.54 and 0.87 over the past three years, a moderate range. Note the risk asymmetry: NTRS runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
NTRS vs RSP: side by side
| NTRS (Northern Trust) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +44.8% | +19.2% |
| 5-year return | +83.2% | +53.9% |
| Volatility (ann.) | 23.7% | 13.2% |
| Beta vs S&P 500 | 1.08 | 0.77 |
| Max drawdown (3Y) | -25.2% | -17.8% |
| Market cap | $34.1B | – |
| P/E (trailing) | 16.1 | – |
| Dividend yield | 1.71% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | Financials | 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 | NTRS | RSP |
|---|---|---|
| 2022 | -23.8% | -11.6% |
| 2023 | -1.0% | +13.7% |
| 2024 | +25.6% | +12.8% |
| 2025 | +36.9% | +11.2% |
| 2026 | +37.8% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.21% of RSP is NTRS itself, so the fund partly moves with the stock by construction.
Are NTRS and RSP good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NTRS and RSP?
As of 2026-08-27, the correlation of weekly returns between NTRS and RSP is 0.75 over 3 years, 0.54 over 1 year and 0.75 over 5 years.
Is RSP a good diversifier for NTRS?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
A reading of 0.75 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ntrs-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ntrs-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NTRS correlations · RSP correlations
