RSP vs SPY: Correlation & Overlap
Measured on weekly returns over the past three years, Invesco S&P 500 Equal Weight ETF (RSP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.85, a very strong link. The two funds also share 44.8% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and SPY?
On 3 years of weekly data the RSP/SPY correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.72 versus 0.85 over 3 years. The 5-year figure is 0.91, and annualized covariance runs at 161.7 %².
Within RSP's tracked universe of 250 assets, SPY comes in at #21 by 3-year correlation. Their 12-month results are close: +19.2% for RSP against +20.6% for SPY. Stability stands out here, with the rolling one-year correlation confined to 0.72 through 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 SPY: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.2% | +20.6% |
| 5-year return | +53.9% | +82.4% |
| Volatility (ann.) | 13.2% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -17.8% | -18.8% |
| Dividend yield | 1.49% | 1.01% |
| Expense ratio | 0.20% | 0.09% |
| Assets under management | $97.3B | $795.3B |
| Sector / category | ETF · US Large Cap | ETF · US Large Cap |
RSP, Invesco's Large Blend fund, carries $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield. SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Portfolio overlap between RSP and SPY
The two portfolios overlap heavily. Weighing the shared positions, 44.8% of the two funds is identical, spread across 503 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in RSP | Weight in SPY |
|---|---|---|
| PLTR | 0.25% | 0.62% |
| ANET | 0.25% | 0.32% |
| TMO | 0.24% | 0.36% |
| AMGN | 0.24% | 0.36% |
| BKNG | 0.24% | 0.24% |
| PANW | 0.24% | 0.42% |
| MRK | 0.24% | 0.57% |
| ABT | 0.24% | 0.30% |
| MSFT | 0.23% | 5.58% |
| SCHW | 0.23% | 0.27% |
| MA | 0.23% | 0.73% |
| GILD | 0.23% | 0.28% |
| CRM | 0.22% | 0.25% |
| RTX | 0.22% | 0.43% |
| V | 0.22% | 0.96% |
Largest positions held only by RSP: LWEU6 (0.21%), AGPXX (0.12%). Only by SPY: 2602335D (0.00%).
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 | SPY |
|---|---|---|
| 2022 | -11.6% | -18.2% |
| 2023 | +13.7% | +26.2% |
| 2024 | +12.8% | +24.9% |
| 2025 | +11.2% | +17.7% |
| 2026 | +16.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and SPY good diversifiers for each other?
No: a correlation of 0.85 means RSP and SPY tend to fall together, which is precisely when diversification is supposed to help. They also hold much of the same portfolio (44.8% overlap), so the exposure is doubly redundant.
FAQ
What is the correlation between RSP and SPY?
As of 2026-08-27, the correlation of weekly returns between RSP and SPY is 0.85 over 3 years, 0.72 over 1 year and 0.91 over 5 years.
Is SPY a good diversifier for RSP?
No: a correlation of 0.85 means RSP and SPY tend to fall together, which is precisely when diversification is supposed to help. They also hold much of the same portfolio (44.8% overlap), so the exposure is doubly redundant.
How much do RSP and SPY overlap?
44.8% by weight, across 503 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
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