PH vs RSP: Correlation
How closely do Parker Hannifin (PH) 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.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PH and RSP?
On 3 years of weekly data the PH/RSP correlation comes out at 0.69, strong. Lately the two have drifted apart, with the 1-year correlation at 0.48 versus 0.69 over 3 years. The 5-year figure is 0.74, and annualized covariance runs at 243.3 %².
Within PH's tracked universe of 57 assets, RSP comes in at #8 by 3-year correlation. The trailing year gives PH the advantage: +32.8% versus +19.2%, a 13.6-point spread. Across three years, the rolling one-year figure varied moderately, from 0.49 to 0.88. Note the risk asymmetry: PH runs 2.0 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.
PH vs RSP: side by side
| PH (Parker Hannifin) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +32.8% | +19.2% |
| 5-year return | +256.4% | +53.9% |
| Volatility (ann.) | 26.6% | 13.2% |
| Beta vs S&P 500 | 1.16 | 0.77 |
| Max drawdown (3Y) | -26.8% | -17.8% |
| Market cap | $127.5B | – |
| P/E (trailing) | 36.5 | – |
| Dividend yield | 0.71% | 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 | PH | RSP |
|---|---|---|
| 2022 | -6.9% | -11.6% |
| 2023 | +60.8% | +13.7% |
| 2024 | +39.6% | +12.8% |
| 2025 | +39.5% | +11.2% |
| 2026 | +15.5% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.22% of RSP is PH itself, so the fund partly moves with the stock by construction.
Are PH and RSP good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between PH and RSP?
As of 2026-08-27, the correlation of weekly returns between PH and RSP is 0.69 over 3 years, 0.48 over 1 year and 0.74 over 5 years.
Is RSP a good diversifier for PH?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
A reading of 0.69 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/ph-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ph-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PH correlations · RSP correlations
