RSP vs UNP: Correlation
Invesco S&P 500 Equal Weight ETF (RSP) and Union Pacific Corporation (UNP) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and UNP?
Across a 3-year window, the weekly returns of RSP and UNP correlate at 0.58, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.58 over 3 years. Stretching to 5 years gives 0.60, with an annualized covariance of 156.5 %².
Within RSP's tracked universe of 250 assets, UNP comes in at #134 by 3-year correlation. The last year tells two different stories: UNP led by 23.2 percentage points, +19.2% for RSP against +42.4% for UNP. The rolling one-year correlation moved between 0.27 and 0.76 over the past three years, a moderate range. One caveat on sizing: UNP is 1.6 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 UNP: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | UNP (Union Pacific Corporation) | |
|---|---|---|
| 1-year return | +19.2% | +42.4% |
| 5-year return | +53.9% | +56.5% |
| Volatility (ann.) | 13.2% | 20.6% |
| Beta vs S&P 500 | 0.77 | 0.56 |
| Max drawdown (3Y) | -17.8% | -17.8% |
| Market cap | – | $182.8B |
| P/E (trailing) | – | 25.1 |
| Dividend yield | 1.49% | 1.78% |
| Expense ratio | 0.20% | – |
| Assets under management | $97.3B | – |
| Sector / category | ETF · US Large Cap | Industrials |
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 | UNP |
|---|---|---|
| 2022 | -11.6% | -15.9% |
| 2023 | +13.7% | +21.6% |
| 2024 | +12.8% | -5.1% |
| 2025 | +11.2% | +3.9% |
| 2026 | +16.5% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
UNP represents 0.22% of RSP's portfolio, so part of any move in RSP is UNP itself, and the correlation between them is partly mechanical.
Are RSP and UNP good diversifiers for each other?
To a limited degree. At 0.58 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 UNP?
The RSP/UNP correlation stands at 0.58 on a 3-year window (1 year: 0.24, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is UNP a good diversifier for RSP?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 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-unp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rsp-vs-unp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RSP correlations · UNP correlations
