RSP vs SPYG: Correlation & Overlap
How closely do Invesco S&P 500 Equal Weight ETF (RSP) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong. Looking through to holdings, 20.5% 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 RSP and SPYG?
On 3 years of weekly data the RSP/SPYG correlation comes out at 0.68, strong. The past 12 months show a weaker link (0.54) than the 3-year average (0.68). The 5-year figure is 0.78, and annualized covariance runs at 170.1 %².
Among the 250 assets we track against RSP, SPYG ranks #69 by 3-year correlation. Their 12-month results are close: +19.2% for RSP against +22.4% for SPYG. On a rolling one-year basis the correlation drifted between 0.47 and 0.86, 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.
RSP vs SPYG: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +19.2% | +22.4% |
| 5-year return | +53.9% | +85.9% |
| Volatility (ann.) | 13.2% | 18.9% |
| Beta vs S&P 500 | 0.77 | 1.25 |
| Max drawdown (3Y) | -17.8% | -22.1% |
| Dividend yield | 1.49% | 0.49% |
| Expense ratio | 0.20% | 0.04% |
| Assets under management | $97.3B | $52.2B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
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. SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Portfolio overlap between RSP and SPYG
The two portfolios partially overlap, with 148 holdings in common adding up to 20.5% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in RSP | Weight in SPYG |
|---|---|---|
| NEM | 0.26% | 0.39% |
| PLTR | 0.25% | 1.14% |
| DASH | 0.29% | 0.25% |
| ANET | 0.25% | 0.58% |
| AMGN | 0.24% | 0.45% |
| BKNG | 0.24% | 0.45% |
| PANW | 0.24% | 0.43% |
| HOOD | 0.23% | 0.24% |
| MSFT | 0.23% | 10.32% |
| MA | 0.23% | 0.91% |
| GILD | 0.23% | 0.28% |
| RTX | 0.22% | 0.80% |
| V | 0.22% | 0.98% |
| NOW | 0.22% | 0.22% |
| CRWD | 0.22% | 0.54% |
Largest positions held only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), PYPL (0.28%), GPN (0.28%). Only by SPYG: .
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 | SPYG |
|---|---|---|
| 2022 | -11.6% | -29.4% |
| 2023 | +13.7% | +30.0% |
| 2024 | +12.8% | +36.0% |
| 2025 | +11.2% | +22.1% |
| 2026 | +16.5% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and SPYG good diversifiers for each other?
Only partially. A correlation of 0.68 means RSP and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between RSP and SPYG?
The RSP/SPYG correlation stands at 0.68 on a 3-year window (1 year: 0.54, 5 years: 0.78), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for RSP?
Only partially. A correlation of 0.68 means RSP and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do RSP and SPYG overlap?
The two funds share 148 holdings amounting to 20.5% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rsp-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rsp-vs-spyg/)
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Related comparisons
Hubs: RSP correlations · SPYG correlations
