RSP vs USMV: Correlation & Overlap
How closely do Invesco S&P 500 Equal Weight ETF (RSP) and iShares MSCI USA Min Vol Factor ETF (USMV) trade together? Their weekly returns over three years give a correlation of 0.86, which is very strong. Looking through to holdings, 27.0% 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 USMV?
Over the past 3 years, RSP and USMV moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.74 versus 0.86 over 3 years. Over 5 years the correlation is 0.88, and the annualized covariance of weekly returns is 112.1 %².
Among the 250 assets we track against RSP, USMV ranks #17 by 3-year correlation. On 12-month performance RSP holds a 9.1-point edge, +19.2% against +10.1%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.75 and 0.93.
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 USMV: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | USMV (iShares MSCI USA Min Vol Factor ETF) | |
|---|---|---|
| 1-year return | +19.2% | +10.1% |
| 5-year return | +53.9% | +42.3% |
| Volatility (ann.) | 13.2% | 9.9% |
| Beta vs S&P 500 | 0.77 | 0.51 |
| Max drawdown (3Y) | -17.8% | -9.4% |
| Dividend yield | 1.49% | 1.48% |
| Expense ratio | 0.20% | 0.15% |
| Assets under management | $97.3B | $23.6B |
| Sector / category | ETF · US Large Cap | ETF · US Style |
RSP, Invesco's Large Blend fund, carries $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield. USMV, iShares's Large Blend fund, carries $23.6B under management, 164 holdings, a 0.15% expense ratio, a 1.48% trailing dividend yield.
Portfolio overlap between RSP and USMV
The two portfolios partially overlap. Weighing the shared positions, 27.0% of the two funds is identical, spread across 148 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in RSP | Weight in USMV |
|---|---|---|
| NEM | 0.26% | 1.65% |
| DASH | 0.29% | 0.26% |
| WDAY | 0.26% | 0.55% |
| PLTR | 0.25% | 1.19% |
| ANET | 0.25% | 0.57% |
| AMGN | 0.24% | 0.37% |
| WTW | 0.24% | 0.39% |
| PANW | 0.24% | 0.94% |
| MRK | 0.24% | 1.54% |
| ABT | 0.24% | 0.78% |
| VRTX | 0.23% | 1.63% |
| MSFT | 0.23% | 1.68% |
| ROP | 0.23% | 1.02% |
| MA | 0.23% | 1.28% |
| TRV | 0.23% | 0.79% |
Largest positions held only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), EXPE (0.28%), PYPL (0.28%). Only by USMV: WCN (1.22%), SNOW (0.53%), FWONK (0.51%), ALNY (0.51%), MELI (0.36%).
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 | USMV |
|---|---|---|
| 2022 | -11.6% | -9.4% |
| 2023 | +13.7% | +10.3% |
| 2024 | +12.8% | +15.7% |
| 2025 | +11.2% | +7.6% |
| 2026 | +16.5% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and USMV good diversifiers for each other?
No. With a correlation of 0.86, RSP and USMV move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between RSP and USMV?
The RSP/USMV correlation stands at 0.86 on a 3-year window (1 year: 0.74, 5 years: 0.88), computed from weekly returns as of 2026-08-27.
Is USMV a good diversifier for RSP?
No. With a correlation of 0.86, RSP and USMV move nearly in lockstep, so holding both adds very little diversification.
How much do RSP and USMV overlap?
The two funds share 148 holdings amounting to 27.0% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rsp-vs-usmv.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rsp-vs-usmv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RSP correlations · USMV correlations
