RSP vs VNQ: Correlation & Overlap
Invesco S&P 500 Equal Weight ETF (RSP) and Vanguard Real Estate ETF (VNQ) show a strong relationship: their 3-year correlation of weekly returns is 0.77. By holdings, the two funds overlap 5.3% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and VNQ?
Across a 3-year window, the weekly returns of RSP and VNQ correlate at 0.77, strong. The relationship has been stable: the 1-year correlation (0.67) sits close to the 3-year figure. Stretching to 5 years gives 0.83, with an annualized covariance of 168.1 %².
Within RSP's tracked universe of 250 assets, VNQ comes in at #35 by 3-year correlation. Over the last 12 months RSP came out ahead by 8.9 percentage points (+19.2% against +10.3%). The rolling one-year correlation stayed in a tight band between 0.68 and 0.92 over the past three years, which points to a structural rather than episodic relationship.
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 VNQ: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | VNQ (Vanguard Real Estate ETF) | |
|---|---|---|
| 1-year return | +19.2% | +10.3% |
| 5-year return | +53.9% | +9.5% |
| Volatility (ann.) | 13.2% | 16.6% |
| Beta vs S&P 500 | 0.77 | 0.59 |
| Max drawdown (3Y) | -17.8% | -17.5% |
| Dividend yield | 1.49% | 3.51% |
| Expense ratio | 0.20% | 0.13% |
| Assets under management | $97.3B | $73.1B |
| Sector / category | ETF · US Large Cap | ETF · Real Estate |
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. VNQ is a Real Estate fund from Vanguard: $73.1B under management, 140 holdings, a 0.13% expense ratio, a 3.51% trailing dividend yield.
Portfolio overlap between RSP and VNQ
The two portfolios are largely distinct. Weighing the shared positions, 5.3% of the two funds is identical, spread across 29 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in RSP | Weight in VNQ |
|---|---|---|
| WELL | 0.21% | 8.54% |
| CBRE | 0.21% | 2.26% |
| VTR | 0.21% | 2.32% |
| BXP | 0.20% | 0.54% |
| DLR | 0.20% | 3.38% |
| DOC | 0.20% | 0.79% |
| EQIX | 0.19% | 5.25% |
| SPG | 0.19% | 3.89% |
| ARE | 0.19% | 0.42% |
| ESS | 0.19% | 0.96% |
| INVH | 0.19% | 0.84% |
| O | 0.19% | 3.08% |
| WY | 0.19% | 0.94% |
| IRM | 0.18% | 1.90% |
| PSA | 0.18% | 2.84% |
Largest positions held only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%). Only by VNQ: VRTPX (14.54%), AVB (1.35%), EQR (1.17%), JLL (0.87%), WPC (0.84%).
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 | VNQ |
|---|---|---|
| 2022 | -11.6% | -26.3% |
| 2023 | +13.7% | +11.9% |
| 2024 | +12.8% | +4.8% |
| 2025 | +11.2% | +3.2% |
| 2026 | +16.5% | +12.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and VNQ good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between RSP and VNQ?
As of 2026-08-27, the correlation of weekly returns between RSP and VNQ is 0.77 over 3 years, 0.67 over 1 year and 0.83 over 5 years.
Is VNQ a good diversifier for RSP?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
How much do RSP and VNQ overlap?
5.3% by weight, across 29 common holdings, based on issuer-disclosed portfolios as of 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rsp-vs-vnq.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/rsp-vs-vnq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RSP correlations · VNQ correlations
