RSP vs VYM: Correlation & Overlap
Invesco S&P 500 Equal Weight ETF (RSP) and Vanguard High Dividend Yield ETF (VYM) show a very strong relationship: their 3-year correlation of weekly returns is 0.94. The two funds also share 37.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and VYM?
Across a 3-year window, the weekly returns of RSP and VYM correlate at 0.94, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. Stretching to 5 years gives 0.94, with an annualized covariance of 152.6 %².
Among the 250 assets we track against RSP, VYM ranks #5 by 3-year correlation. Neither side won the trailing year by much: +19.2% against +21.1%. The link looks structural: the rolling one-year correlation barely moved, holding between 0.85 and 0.98.
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 VYM: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | VYM (Vanguard High Dividend Yield ETF) | |
|---|---|---|
| 1-year return | +19.2% | +21.1% |
| 5-year return | +53.9% | +76.6% |
| Volatility (ann.) | 13.2% | 12.3% |
| Beta vs S&P 500 | 0.77 | 0.69 |
| Max drawdown (3Y) | -17.8% | -14.5% |
| Dividend yield | 1.49% | 2.24% |
| Expense ratio | 0.20% | 0.04% |
| Assets under management | $97.3B | $99.2B |
| Sector / category | ETF · US Large Cap | ETF · Dividend |
On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield. VYM, Vanguard's Large Value fund, carries $99.2B under management, 604 holdings, a 0.04% expense ratio, a 2.24% trailing dividend yield.
Portfolio overlap between RSP and VYM
The two portfolios partially overlap, with 256 holdings in common adding up to 37.1% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in RSP | Weight in VYM |
|---|---|---|
| NEM | 0.26% | 0.41% |
| MPC | 0.26% | 0.38% |
| VLO | 0.25% | 0.38% |
| PSX | 0.25% | 0.35% |
| AMGN | 0.24% | 0.78% |
| TGT | 0.24% | 0.27% |
| MRK | 0.24% | 1.31% |
| ABT | 0.24% | 0.75% |
| DELL | 0.23% | 0.50% |
| COF | 0.23% | 0.53% |
| TRV | 0.23% | 0.32% |
| ADP | 0.23% | 0.43% |
| GILD | 0.23% | 0.66% |
| HPE | 0.23% | 0.26% |
| BMY | 0.23% | 0.54% |
Largest positions held only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%). Only by VYM: BAP (0.11%), RPRX (0.10%), RS (0.08%), EWBC (0.07%), OVV (0.07%).
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 | VYM |
|---|---|---|
| 2022 | -11.6% | -0.4% |
| 2023 | +13.7% | +6.6% |
| 2024 | +12.8% | +17.6% |
| 2025 | +11.2% | +15.4% |
| 2026 | +16.5% | +15.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and VYM good diversifiers for each other?
Not really. At 0.94, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between RSP and VYM?
The RSP/VYM correlation stands at 0.94 on a 3-year window (1 year: 0.84, 5 years: 0.94), computed from weekly returns as of 2026-08-27.
Is VYM a good diversifier for RSP?
Not really. At 0.94, the two trade almost as one position, and owning both buys little extra protection.
How much do RSP and VYM overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 37.1% by weight over 256 common positions.
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