RSP vs UPS: Correlation
Invesco S&P 500 Equal Weight ETF (RSP) and United Parcel Service (UPS) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and UPS?
Across a 3-year window, the weekly returns of RSP and UPS correlate at 0.54, moderate. Little has changed lately, as the 1-year reading of 0.48 lands near the 3-year figure. Stretching to 5 years gives 0.59, with an annualized covariance of 208.3 %².
Among the 250 assets we track against RSP, UPS ranks #166 by 3-year correlation. On 12-month performance UPS holds a 9.0-point edge, +19.2% against +28.2%. On a rolling one-year basis the correlation drifted between 0.26 and 0.74, a moderate band. One caveat on sizing: UPS is 2.2 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 UPS: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | UPS (United Parcel Service) | |
|---|---|---|
| 1-year return | +19.2% | +28.2% |
| 5-year return | +53.9% | -31.0% |
| Volatility (ann.) | 13.2% | 29.4% |
| Beta vs S&P 500 | 0.77 | 0.81 |
| Max drawdown (3Y) | -17.8% | -46.5% |
| Market cap | – | $89.9B |
| P/E (trailing) | – | 19.6 |
| Dividend yield | 1.49% | 6.21% |
| 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 | UPS |
|---|---|---|
| 2022 | -11.6% | -16.2% |
| 2023 | +13.7% | -6.0% |
| 2024 | +12.8% | -15.9% |
| 2025 | +11.2% | -15.9% |
| 2026 | +16.5% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that RSP holds UPS at a 0.19% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are RSP and UPS good diversifiers for each other?
Only partially. A correlation of 0.54 means RSP and UPS 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 UPS?
As of 2026-08-27, the correlation of weekly returns between RSP and UPS is 0.54 over 3 years, 0.48 over 1 year and 0.59 over 5 years.
Is UPS a good diversifier for RSP?
Only partially. A correlation of 0.54 means RSP and UPS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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-ups.json
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Related comparisons
Hubs: RSP correlations · UPS correlations
