QQQM vs RSP: Correlation & Overlap
Measured on weekly returns over the past three years, Invesco Nasdaq 100 ETF (QQQM) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.69, a strong link. By holdings, the two funds overlap 16.6% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QQQM and RSP?
Over the past 3 years, QQQM and RSP moved with a correlation of 0.69, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.56 versus 0.69 over 3 years. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 177.5 %².
Among the 103 assets we track against QQQM, RSP ranks #34 by 3-year correlation. The trailing year gives QQQM the advantage: +26.4% versus +19.2%, a 7.2-point spread. The rolling one-year correlation moved between 0.51 and 0.85 over the past three years, a moderate range.
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.
QQQM vs RSP: side by side
| QQQM (Invesco Nasdaq 100 ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +26.4% | +19.2% |
| 5-year return | +96.1% | +53.9% |
| Volatility (ann.) | 19.5% | 13.2% |
| Beta vs S&P 500 | 1.28 | 0.77 |
| Max drawdown (3Y) | -22.7% | -17.8% |
| Dividend yield | 0.46% | 1.49% |
| Expense ratio | 0.15% | 0.20% |
| Assets under management | $97.1B | $97.3B |
| Sector / category | ETF · US Growth & Tech | ETF · US Large Cap |
On the fund side, QQQM sits in the Large Growth category at Invesco, with $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield. 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.
Portfolio overlap between QQQM and RSP
The two portfolios partially overlap, with 88 holdings in common adding up to 16.6% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in QQQM | Weight in RSP |
|---|---|---|
| DASH | 0.43% | 0.29% |
| ABNB | 0.35% | 0.27% |
| PLTR | 1.81% | 0.25% |
| REGN | 0.37% | 0.25% |
| AMGN | 1.06% | 0.24% |
| BKNG | 0.72% | 0.24% |
| PYPL | 0.24% | 0.28% |
| PANW | 1.23% | 0.24% |
| VRTX | 0.62% | 0.23% |
| MSFT | 5.93% | 0.23% |
| ADP | 0.50% | 0.23% |
| GILD | 0.81% | 0.23% |
| INTU | 0.42% | 0.23% |
| ADBE | 0.49% | 0.22% |
| CRWD | 0.85% | 0.22% |
Largest positions held only by QQQM: SPCX (1.19%), SHOP (0.81%), ASML (0.71%), ARM (0.47%), MELI (0.44%). Only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), EXPE (0.28%), VEEV (0.28%).
Overlap = sum of the smaller of the two weights across common holdings, from issuer disclosures as of 2026-08-26. Top 15 common positions shown.
Year-by-year returns
| Year | QQQM | RSP |
|---|---|---|
| 2022 | -32.5% | -11.6% |
| 2023 | +55.0% | +13.7% |
| 2024 | +25.7% | +12.8% |
| 2025 | +20.9% | +11.2% |
| 2026 | +17.7% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QQQM 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 QQQM and RSP?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.56 over the last year and 0.77 over 5 years.
Is RSP a good diversifier for QQQM?
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.
How much do QQQM and RSP overlap?
16.6% by weight, across 88 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qqqm-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qqqm-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: QQQM correlations · RSP correlations
