RSP vs TNL: Correlation
Measured on weekly returns over the past three years, Invesco S&P 500 Equal Weight ETF (RSP) and Travel Leisure Co. (TNL) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and TNL?
Across a 3-year window, the weekly returns of RSP and TNL correlate at 0.71, strong. The link has loosened recently: the 1-year correlation (0.56) runs below the 3-year figure (0.71). Stretching to 5 years gives 0.68, with an annualized covariance of 283.1 %².
Among the 250 assets we track against RSP, TNL ranks #51 by 3-year correlation. Twelve-month performance is nearly a tie, at +19.2% for RSP and +19.2% for TNL. Note the risk asymmetry: TNL runs 2.3 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.
RSP vs TNL: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | TNL (Travel Leisure Co.) | |
|---|---|---|
| 1-year return | +19.2% | +19.2% |
| 5-year return | +53.9% | +59.9% |
| Volatility (ann.) | 13.2% | 30.1% |
| Beta vs S&P 500 | 0.77 | 1.19 |
| Max drawdown (3Y) | -17.8% | -32.2% |
| Market cap | – | $4.4B |
| P/E (trailing) | – | 19.9 |
| Dividend yield | 1.49% | 3.15% |
| Expense ratio | 0.20% | – |
| Assets under management | $97.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
RSP, Invesco's Large Blend fund, carries $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Year-by-year returns
| Year | RSP | TNL |
|---|---|---|
| 2022 | -11.6% | -31.7% |
| 2023 | +13.7% | +12.5% |
| 2024 | +12.8% | +34.8% |
| 2025 | +11.2% | +45.5% |
| 2026 | +16.5% | +3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and TNL good diversifiers for each other?
Only partially. A correlation of 0.71 means RSP and TNL 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 TNL?
The RSP/TNL correlation stands at 0.71 on a 3-year window (1 year: 0.56, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is TNL a good diversifier for RSP?
Only partially. A correlation of 0.71 means RSP and TNL share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rsp-vs-tnl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/rsp-vs-tnl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RSP correlations · TNL correlations
