RSP vs VXZ: Correlation
How closely do Invesco S&P 500 Equal Weight ETF (RSP) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.74, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and VXZ?
On 3 years of weekly data the RSP/VXZ correlation comes out at -0.74, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.73) sits close to the 3-year figure. The 5-year figure is -0.71, and annualized covariance runs at -248.6 %².
Among the 250 assets we track against RSP, VXZ sits near the bottom by co-movement, at rank #250. Their recent paths diverged sharply: over the last 12 months RSP outperformed by 35.3 percentage points (+19.2% for RSP against -16.1% for VXZ). Risk is not evenly split, since VXZ carries 1.9 times the volatility of the other side.
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 VXZ: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +19.2% | -16.1% |
| 5-year return | +53.9% | -53.1% |
| Volatility (ann.) | 13.2% | 25.6% |
| Beta vs S&P 500 | 0.77 | -1.31 |
| Max drawdown (3Y) | -17.8% | -36.4% |
| Dividend yield | 1.49% | – |
| Expense ratio | 0.20% | – |
| Assets under management | $97.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | VXZ |
|---|---|---|
| 2022 | -11.6% | +0.5% |
| 2023 | +13.7% | -44.0% |
| 2024 | +12.8% | -12.7% |
| 2025 | +11.2% | +5.7% |
| 2026 | +16.5% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and VXZ good diversifiers for each other?
Yes. With a correlation of -0.74, RSP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between RSP and VXZ?
Using weekly returns as of 2026-08-27: -0.74 over 3 years, with -0.73 over the last year and -0.71 over 5 years.
Is VXZ a good diversifier for RSP?
Yes. With a correlation of -0.74, RSP and VXZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.74 mean?
On the −1 to +1 scale, -0.74 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rsp-vs-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rsp-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RSP correlations · VXZ correlations
