RSP vs XLI: Correlation & Overlap
Measured on weekly returns over the past three years, Invesco S&P 500 Equal Weight ETF (RSP) and Industrial Select Sector SPDR Fund (XLI) carry a correlation of 0.90, a very strong link. The two funds also share 16.1% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and XLI?
Over the past 3 years, RSP and XLI moved with a correlation of 0.90, which is very strong, meaning they move nearly in lockstep. The past 12 months show a weaker link (0.75) than the 3-year average (0.90). Over 5 years the correlation is 0.92, and the annualized covariance of weekly returns is 186.2 %².
Among the 250 assets we track against RSP, XLI ranks #11 by 3-year correlation. Twelve-month performance is nearly a tie, at +19.2% for RSP and +18.3% for XLI. The link looks structural: the rolling one-year correlation barely moved, holding between 0.75 and 0.96.
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 XLI: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | XLI (Industrial Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +19.2% | +18.3% |
| 5-year return | +53.9% | +84.0% |
| Volatility (ann.) | 13.2% | 15.7% |
| Beta vs S&P 500 | 0.77 | 0.89 |
| Max drawdown (3Y) | -17.8% | -18.5% |
| Dividend yield | 1.49% | 1.15% |
| Expense ratio | 0.20% | 0.08% |
| Assets under management | $97.3B | $32.9B |
| Sector / category | ETF · US Large Cap | Sector ETF |
RSP, Invesco's Large Blend fund, carries $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield. XLI is an Industrials fund from State Street Investment Management: $32.9B under management, 83 holdings, a 0.08% expense ratio, a 1.15% trailing dividend yield.
Portfolio overlap between RSP and XLI
The two portfolios partially overlap, with 83 holdings in common adding up to 16.1% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in RSP | Weight in XLI |
|---|---|---|
| AXON | 0.25% | 0.86% |
| SWK | 0.24% | 0.27% |
| J | 0.23% | 0.32% |
| PAYX | 0.23% | 0.71% |
| BR | 0.23% | 0.37% |
| ALLE | 0.23% | 0.24% |
| ADP | 0.23% | 1.98% |
| NDSN | 0.22% | 0.31% |
| RTX | 0.22% | 5.04% |
| VLTO | 0.22% | 0.43% |
| PH | 0.22% | 2.31% |
| WAB | 0.22% | 0.90% |
| UNP | 0.22% | 3.25% |
| EMR | 0.22% | 1.56% |
| EXPD | 0.21% | 0.44% |
Largest positions held only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%). Only by XLI: .
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 | XLI |
|---|---|---|
| 2022 | -11.6% | -5.6% |
| 2023 | +13.7% | +18.1% |
| 2024 | +12.8% | +17.3% |
| 2025 | +11.2% | +19.3% |
| 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 XLI good diversifiers for each other?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between RSP and XLI?
As of 2026-08-27, the correlation of weekly returns between RSP and XLI is 0.90 over 3 years, 0.75 over 1 year and 0.92 over 5 years.
Is XLI a good diversifier for RSP?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
How much do RSP and XLI overlap?
16.1% by weight, across 83 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-xli.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/rsp-vs-xli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: RSP correlations · XLI correlations
