RSP vs SCHD: Correlation & Overlap
Measured on weekly returns over the past three years, Invesco S&P 500 Equal Weight ETF (RSP) and Schwab US Dividend Equity ETF (SCHD) carry a correlation of 0.85, a very strong link. The two funds also share 9.2% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and SCHD?
Across a 3-year window, the weekly returns of RSP and SCHD correlate at 0.85, very strong, meaning they move nearly in lockstep. The link has loosened recently: the 1-year correlation (0.64) runs below the 3-year figure (0.85). Stretching to 5 years gives 0.90, with an annualized covariance of 143.7 %².
Among the 250 assets we track against RSP, SCHD ranks #20 by 3-year correlation. On 12-month performance SCHD holds a 10.4-point edge, +19.2% against +29.6%. Across three years, the rolling one-year figure varied moderately, from 0.66 to 0.95.
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.
RSP vs SCHD: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | SCHD (Schwab US Dividend Equity ETF) | |
|---|---|---|
| 1-year return | +19.2% | +29.6% |
| 5-year return | +53.9% | +60.9% |
| Volatility (ann.) | 13.2% | 12.9% |
| Beta vs S&P 500 | 0.77 | 0.52 |
| Max drawdown (3Y) | -17.8% | -16.1% |
| Dividend yield | 1.49% | 3.13% |
| Expense ratio | 0.20% | 0.06% |
| Assets under management | $97.3B | $104.2B |
| Sector / category | ETF · US Large Cap | ETF · Dividend |
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. SCHD, Schwab ETFs's Large Value fund, carries $104.2B under management, 101 holdings, a 0.06% expense ratio, a 3.13% trailing dividend yield.
Portfolio overlap between RSP and SCHD
The two portfolios are largely distinct. Weighing the shared positions, 9.2% of the two funds is identical, spread across 46 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in RSP | Weight in SCHD |
|---|---|---|
| AMGN | 0.24% | 4.80% |
| TGT | 0.24% | 1.81% |
| MRK | 0.24% | 4.92% |
| ABT | 0.24% | 4.83% |
| PAYX | 0.23% | 0.98% |
| BR | 0.23% | 0.51% |
| ADP | 0.23% | 2.73% |
| BMY | 0.23% | 3.35% |
| BX | 0.22% | 2.58% |
| GIS | 0.22% | 0.52% |
| BBY | 0.22% | 0.42% |
| CMCSA | 0.21% | 2.35% |
| FAST | 0.21% | 1.43% |
| ARES | 0.21% | 0.73% |
| COP | 0.20% | 3.86% |
Largest positions held only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%). Only by SCHD: EWBC (0.43%), DINO (0.36%), FNF (0.29%), WSO (0.27%), AFG (0.24%).
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 | RSP | SCHD |
|---|---|---|
| 2022 | -11.6% | -3.3% |
| 2023 | +13.7% | +4.5% |
| 2024 | +12.8% | +11.7% |
| 2025 | +11.2% | +4.3% |
| 2026 | +16.5% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and SCHD good diversifiers for each other?
No. With a correlation of 0.85, RSP and SCHD move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between RSP and SCHD?
The RSP/SCHD correlation stands at 0.85 on a 3-year window (1 year: 0.64, 5 years: 0.90), computed from weekly returns as of 2026-08-27.
Is SCHD a good diversifier for RSP?
No. With a correlation of 0.85, RSP and SCHD move nearly in lockstep, so holding both adds very little diversification.
How much do RSP and SCHD overlap?
The two funds share 46 holdings amounting to 9.2% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rsp-vs-schd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/rsp-vs-schd/)
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Related comparisons
Hubs: RSP correlations · SCHD correlations
