RSP vs VEA: Correlation & Overlap
How closely do Invesco S&P 500 Equal Weight ETF (RSP) and Vanguard FTSE Developed Markets ETF (VEA) trade together? Their weekly returns over three years give a correlation of 0.79, which is strong. The two funds also share 2.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and VEA?
On 3 years of weekly data the RSP/VEA correlation comes out at 0.79, strong. Recent behaviour matches the longer record: 0.80 over 1 year against 0.79 over 3. The 5-year figure is 0.83, and annualized covariance runs at 156.9 %².
By 3-year correlation, VEA places #31 of the 250 assets tracked against RSP. On 12-month performance VEA holds a 9.3-point edge, +19.2% against +28.5%. Stability stands out here, with the rolling one-year correlation confined to 0.68 through 0.91.
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 VEA: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | VEA (Vanguard FTSE Developed Markets ETF) | |
|---|---|---|
| 1-year return | +19.2% | +28.5% |
| 5-year return | +53.9% | +63.5% |
| Volatility (ann.) | 13.2% | 15.1% |
| Beta vs S&P 500 | 0.77 | 0.79 |
| Max drawdown (3Y) | -17.8% | -13.5% |
| Dividend yield | 1.49% | 2.56% |
| Expense ratio | 0.20% | 0.03% |
| Assets under management | $97.3B | $314.9B |
| Sector / category | ETF · US Large Cap | ETF · International |
RSP is a Large Blend fund from Invesco: $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield. VEA is a Foreign Large Blend fund from Vanguard: $314.9B under management, 3769 holdings, a 0.03% expense ratio, a 2.56% trailing dividend yield.
Portfolio overlap between RSP and VEA
The two portfolios are largely distinct: 2.1% of the funds' weight sits in the same underlying holdings (55 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in RSP | Weight in VEA |
|---|---|---|
| ROP | 0.23% | 0.97% |
| DG | 0.21% | 0.22% |
| BA | 0.19% | 0.26% |
| DTE | 0.18% | 0.33% |
| EL | 0.23% | 0.17% |
| PRU | 0.22% | 0.13% |
| TSCO | 0.21% | 0.13% |
| PPL | 0.18% | 0.09% |
| L | 0.19% | 0.08% |
| ALL | 0.22% | 0.08% |
| MRK | 0.24% | 0.07% |
| HBAN | 0.19% | 0.06% |
| EQT | 0.19% | 0.06% |
| BG | 0.17% | 0.05% |
| ADM | 0.18% | 0.04% |
Largest positions held only by RSP: MRNA (0.61%), ZBRA (0.31%), DASH (0.29%), EXPE (0.28%), PYPL (0.28%). Only by VEA: 005930 (2.53%), ASML (2.00%), 000660 (1.98%), HSBA (1.15%), SAN (0.94%).
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 | VEA |
|---|---|---|
| 2022 | -11.6% | -15.3% |
| 2023 | +13.7% | +17.9% |
| 2024 | +12.8% | +3.1% |
| 2025 | +11.2% | +35.2% |
| 2026 | +16.5% | +18.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and VEA good diversifiers for each other?
Only partially. A correlation of 0.79 means RSP and VEA 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 VEA?
As of 2026-08-27, the correlation of weekly returns between RSP and VEA is 0.79 over 3 years, 0.80 over 1 year and 0.83 over 5 years.
Is VEA a good diversifier for RSP?
Only partially. A correlation of 0.79 means RSP and VEA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do RSP and VEA overlap?
2.1% by weight, across 55 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
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Related comparisons
Hubs: RSP correlations · VEA correlations
