RSP vs VOO: Correlation & Overlap
Invesco S&P 500 Equal Weight ETF (RSP) and Vanguard S&P 500 ETF (VOO) show a very strong relationship: their 3-year correlation of weekly returns is 0.85. By holdings, the two funds overlap 44.5% by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and VOO?
Over the past 3 years, RSP and VOO moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Lately the two have drifted apart, with the 1-year correlation at 0.73 versus 0.85 over 3 years. Over 5 years the correlation is 0.91, and the annualized covariance of weekly returns is 161.0 %².
Within RSP's tracked universe of 250 assets, VOO comes in at #22 by 3-year correlation. Neither side won the trailing year by much: +19.2% against +20.6%. Stability stands out here, with the rolling one-year correlation confined to 0.72 through 0.95.
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 VOO: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +19.2% | +20.6% |
| 5-year return | +53.9% | +83.0% |
| Volatility (ann.) | 13.2% | 14.4% |
| Beta vs S&P 500 | 0.77 | 0.99 |
| Max drawdown (3Y) | -17.8% | -18.7% |
| Dividend yield | 1.49% | 1.07% |
| Expense ratio | 0.20% | 0.03% |
| Assets under management | $97.3B | $1,686.9B |
| Sector / category | ETF · US Large Cap | ETF · US Large Cap |
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. VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Portfolio overlap between RSP and VOO
The two portfolios overlap heavily. Weighing the shared positions, 44.5% of the two funds is identical, spread across 500 common holdings. That shared book is a large part of why the returns line up.
| Common holding | Weight in RSP | Weight in VOO |
|---|---|---|
| PLTR | 0.25% | 0.44% |
| ANET | 0.25% | 0.29% |
| TMO | 0.24% | 0.33% |
| AMGN | 0.24% | 0.32% |
| PANW | 0.24% | 0.42% |
| MRK | 0.24% | 0.50% |
| ABT | 0.24% | 0.29% |
| MSFT | 0.23% | 5.37% |
| BKNG | 0.24% | 0.23% |
| SCHW | 0.23% | 0.27% |
| MA | 0.23% | 0.72% |
| GILD | 0.23% | 0.25% |
| CRM | 0.22% | 0.23% |
| RTX | 0.22% | 0.45% |
| V | 0.22% | 0.93% |
Largest positions held only by RSP: LWEU6 (0.21%), VMRK (0.18%), FERG (0.18%), RDDT (0.17%), AGPXX (0.12%). Only by VOO: EA (0.07%), AVB (0.04%), EQR (0.04%).
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 | VOO |
|---|---|---|
| 2022 | -11.6% | -18.2% |
| 2023 | +13.7% | +26.3% |
| 2024 | +12.8% | +25.0% |
| 2025 | +11.2% | +17.8% |
| 2026 | +16.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and VOO good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection. On top of that, 44.5% of their holdings are the same, making the doubling-up even more literal.
FAQ
What is the correlation between RSP and VOO?
The RSP/VOO correlation stands at 0.85 on a 3-year window (1 year: 0.73, 5 years: 0.91), computed from weekly returns as of 2026-08-27.
Is VOO a good diversifier for RSP?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection. On top of that, 44.5% of their holdings are the same, making the doubling-up even more literal.
How much do RSP and VOO overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 44.5% by weight over 500 common positions.
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Hubs: RSP correlations · VOO correlations
