RMT vs RSP: Correlation
How closely do Royce Micro-Cap Trust, Inc. (RMT) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMT and RSP?
Across a 3-year window, the weekly returns of RMT and RSP correlate at 0.84, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. Stretching to 5 years gives 0.86, with an annualized covariance of 228.7 %².
Among the 136 assets we track against RMT, RSP ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RMT ahead by 29.2 points (+48.4% versus +19.2%). Note the risk asymmetry: RMT runs 1.6 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.
RMT vs RSP: side by side
| RMT (Royce Micro-Cap Trust, Inc.) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +48.4% | +19.2% |
| 5-year return | +80.1% | +53.9% |
| Volatility (ann.) | 20.5% | 13.2% |
| Beta vs S&P 500 | 1.09 | 0.77 |
| Max drawdown (3Y) | -26.4% | -17.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 8.5 | – |
| Dividend yield | 5.57% | 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 | RMT | RSP |
|---|---|---|
| 2022 | -16.8% | -11.6% |
| 2023 | +15.8% | +13.7% |
| 2024 | +14.0% | +12.8% |
| 2025 | +16.1% | +11.2% |
| 2026 | +39.6% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMT and RSP good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between RMT and RSP?
The RMT/RSP correlation stands at 0.84 on a 3-year window (1 year: 0.80, 5 years: 0.86), computed from weekly returns as of 2026-08-27.
Is RSP a good diversifier for RMT?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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[](https://www.pairbook.io/pair/rmt-vs-rsp/)
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Related comparisons
Hubs: RMT correlations · RSP correlations
