RSP vs SW: Correlation
Measured on weekly returns over the past three years, Invesco S&P 500 Equal Weight ETF (RSP) and Smurfit Westrock (SW) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and SW?
Over the past 3 years, RSP and SW moved with a correlation of 0.54, which is moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 285.6 %².
By 3-year correlation, SW places #165 of the 250 assets tracked against RSP. On 12-month performance RSP holds a 9.5-point edge, +19.2% against +9.7%. On a rolling one-year basis the correlation drifted between 0.42 and 0.67, a moderate band. One caveat on sizing: SW is 3.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SW: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | SW (Smurfit Westrock) | |
|---|---|---|
| 1-year return | +19.2% | +9.7% |
| 5-year return | +53.9% | +2.6% |
| Volatility (ann.) | 13.2% | 40.1% |
| Beta vs S&P 500 | 0.77 | 0.92 |
| Max drawdown (3Y) | -17.8% | -40.5% |
| Market cap | – | $25.5B |
| P/E (trailing) | – | 51.7 |
| Dividend yield | 1.49% | 3.57% |
| Expense ratio | 0.20% | – |
| Assets under management | $97.3B | – |
| Sector / category | ETF · US Large Cap | Materials |
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 | RSP | SW |
|---|---|---|
| 2022 | -11.6% | -28.0% |
| 2023 | +13.7% | +14.1% |
| 2024 | +12.8% | +37.6% |
| 2025 | +11.2% | -26.2% |
| 2026 | +16.5% | +29.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
SW represents 0.24% of RSP's portfolio, so part of any move in RSP is SW itself, and the correlation between them is partly mechanical.
Are RSP and SW good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between RSP and SW?
The RSP/SW correlation stands at 0.54 on a 3-year window (1 year: 0.52, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SW a good diversifier for RSP?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rsp-vs-sw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rsp-vs-sw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RSP correlations · SW correlations
