QUAL vs RSP: Correlation & Overlap
Measured on weekly returns over the past three years, iShares MSCI USA Quality Factor ETF (QUAL) and Invesco S&P 500 Equal Weight ETF (RSP) carry a correlation of 0.86, a very strong link. Looking through to holdings, 20.3% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QUAL and RSP?
Across a 3-year window, the weekly returns of QUAL and RSP correlate at 0.86, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.86 over 1 year against 0.86 over 3. Stretching to 5 years gives 0.90, with an annualized covariance of 158.8 %².
Within QUAL's tracked universe of 106 assets, RSP comes in at #16 by 3-year correlation. Neither side won the trailing year by much: +19.7% against +19.2%. On a rolling one-year basis the correlation drifted between 0.66 and 0.94, a moderate band.
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.
QUAL vs RSP: side by side
| QUAL (iShares MSCI USA Quality Factor ETF) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +19.7% | +19.2% |
| 5-year return | +68.0% | +53.9% |
| Volatility (ann.) | 14.0% | 13.2% |
| Beta vs S&P 500 | 0.93 | 0.77 |
| Max drawdown (3Y) | -18.0% | -17.8% |
| Dividend yield | 0.86% | 1.49% |
| Expense ratio | 0.15% | 0.20% |
| Assets under management | $46.5B | $97.3B |
| Sector / category | ETF · US Style | ETF · US Large Cap |
On the fund side, QUAL sits in the Large Blend category at iShares, with $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% 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 QUAL and RSP
The two portfolios partially overlap. Weighing the shared positions, 20.3% of the two funds is identical, spread across 117 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in QUAL | Weight in RSP |
|---|---|---|
| ANET | 1.52% | 0.25% |
| MRK | 1.44% | 0.24% |
| VRTX | 0.47% | 0.23% |
| MSFT | 7.51% | 0.23% |
| GRMN | 0.88% | 0.23% |
| PAYX | 0.31% | 0.23% |
| AMP | 0.24% | 0.23% |
| CMG | 0.97% | 0.23% |
| SCHW | 0.50% | 0.23% |
| MA | 2.34% | 0.23% |
| TRV | 0.24% | 0.23% |
| ADP | 1.22% | 0.23% |
| GILD | 0.69% | 0.23% |
| INTU | 0.57% | 0.23% |
| NTAP | 0.25% | 0.22% |
Largest positions held only by QUAL: CDE (0.12%), FN (0.09%), GGG (0.09%), UTHR (0.07%), RPM (0.05%). Only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (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 | QUAL | RSP |
|---|---|---|
| 2022 | -20.5% | -11.6% |
| 2023 | +30.9% | +13.7% |
| 2024 | +22.3% | +12.8% |
| 2025 | +12.7% | +11.2% |
| 2026 | +13.5% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QUAL and RSP good diversifiers for each other?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between QUAL and RSP?
As of 2026-08-27, the correlation of weekly returns between QUAL and RSP is 0.86 over 3 years, 0.86 over 1 year and 0.90 over 5 years.
Is RSP a good diversifier for QUAL?
Not really. At 0.86, the two trade almost as one position, and owning both buys little extra protection.
How much do QUAL and RSP overlap?
The two funds share 117 holdings amounting to 20.3% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qual-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qual-vs-rsp/)
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Related comparisons
Hubs: QUAL correlations · RSP correlations
