PENN vs RSP: Correlation
Measured on weekly returns over the past three years, PENN Entertainment, Inc. (PENN) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PENN and RSP?
Over the past 3 years, PENN and RSP moved with a correlation of 0.53, which is moderate. Little has changed lately, as the 1-year reading of 0.47 lands near the 3-year figure. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 331.8 %².
Among the 16 assets we track against PENN, RSP ranks #4 by 3-year correlation. The last year tells two different stories: RSP led by 32.2 percentage points, -13.0% for PENN against +19.2% for RSP. Note the risk asymmetry: PENN runs 3.6 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.
PENN vs RSP: side by side
| PENN (PENN Entertainment, Inc.) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | -13.0% | +19.2% |
| 5-year return | -78.7% | +53.9% |
| Volatility (ann.) | 47.0% | 13.2% |
| Beta vs S&P 500 | 1.50 | 0.77 |
| Max drawdown (3Y) | -55.8% | -17.8% |
| Market cap | $2.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | US Listed | 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 | PENN | RSP |
|---|---|---|
| 2022 | -42.7% | -11.6% |
| 2023 | -12.4% | +13.7% |
| 2024 | -23.8% | +12.8% |
| 2025 | -25.6% | +11.2% |
| 2026 | +17.5% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PENN and RSP good diversifiers for each other?
Only partially. A correlation of 0.53 means PENN 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 PENN and RSP?
The PENN/RSP correlation stands at 0.53 on a 3-year window (1 year: 0.47, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for PENN?
Only partially. A correlation of 0.53 means PENN 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 0.53 mean?
A reading of 0.53 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/penn-vs-rsp/)
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Related comparisons
Hubs: PENN correlations · RSP correlations
