RSP vs WAB: Correlation
How closely do Invesco S&P 500 Equal Weight ETF (RSP) and Wabtec (WAB) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and WAB?
Across a 3-year window, the weekly returns of RSP and WAB correlate at 0.62, strong. The past 12 months show a weaker link (0.35) than the 3-year average (0.62). Stretching to 5 years gives 0.69, with an annualized covariance of 207.5 %².
Within RSP's tracked universe of 250 assets, WAB comes in at #113 by 3-year correlation. Correlation aside, the last 12 months split them widely, with WAB ahead by 33.7 points (+19.2% versus +52.9%). Across three years, the rolling one-year figure varied moderately, from 0.35 to 0.84. Note the risk asymmetry: WAB runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 WAB: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | WAB (Wabtec) | |
|---|---|---|
| 1-year return | +19.2% | +52.9% |
| 5-year return | +53.9% | +241.0% |
| Volatility (ann.) | 13.2% | 25.3% |
| Beta vs S&P 500 | 0.77 | 0.99 |
| Max drawdown (3Y) | -17.8% | -23.6% |
| Market cap | – | $50.2B |
| P/E (trailing) | – | 40.5 |
| Dividend yield | 1.49% | 0.37% |
| Expense ratio | 0.20% | – |
| Assets under management | $97.3B | – |
| Sector / category | ETF · US Large Cap | Industrials |
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.
Year-by-year returns
| Year | RSP | WAB |
|---|---|---|
| 2022 | -11.6% | +9.1% |
| 2023 | +13.7% | +28.0% |
| 2024 | +12.8% | +50.1% |
| 2025 | +11.2% | +13.2% |
| 2026 | +16.5% | +39.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
WAB represents 0.22% of RSP's portfolio, so part of any move in RSP is WAB itself, and the correlation between them is partly mechanical.
Are RSP and WAB good diversifiers for each other?
Only partially. A correlation of 0.62 means RSP and WAB 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 WAB?
As of 2026-08-27, the correlation of weekly returns between RSP and WAB is 0.62 over 3 years, 0.35 over 1 year and 0.69 over 5 years.
Is WAB a good diversifier for RSP?
Only partially. A correlation of 0.62 means RSP and WAB share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rsp-vs-wab.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rsp-vs-wab/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RSP correlations · WAB correlations
