RSP vs XLP: Correlation & Overlap
Invesco S&P 500 Equal Weight ETF (RSP) and Consumer Staples Select Sector SPDR Fund (XLP) show a moderate relationship: their 3-year correlation of weekly returns is 0.53. Looking through to holdings, 6.6% of the two portfolios is the same by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and XLP?
Over the past 3 years, RSP and XLP moved with a correlation of 0.53, which is moderate. The relationship has been stable: the 1-year correlation (0.48) sits close to the 3-year figure. Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 78.6 %².
By 3-year correlation, XLP places #174 of the 250 assets tracked against RSP. Over the last 12 months RSP came out ahead by 10.9 percentage points (+19.2% against +8.3%). The rolling one-year correlation stayed in a tight band between 0.47 and 0.69 over the past three years, which points to a structural rather than episodic relationship.
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 XLP: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | XLP (Consumer Staples Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +19.2% | +8.3% |
| 5-year return | +53.9% | +34.7% |
| Volatility (ann.) | 13.2% | 11.1% |
| Beta vs S&P 500 | 0.77 | 0.23 |
| Max drawdown (3Y) | -17.8% | -9.7% |
| Dividend yield | 1.49% | 2.58% |
| Expense ratio | 0.20% | 0.08% |
| Assets under management | $97.3B | $14.6B |
| Sector / category | ETF · US Large Cap | Sector ETF |
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. On the fund side, XLP sits in the Consumer Defensive category at State Street Investment Management, with $14.6B under management, 35 holdings, a 0.08% expense ratio, a 2.58% trailing dividend yield.
Portfolio overlap between RSP and XLP
The two portfolios are largely distinct, with 34 holdings in common adding up to 6.6% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in RSP | Weight in XLP |
|---|---|---|
| TGT | 0.24% | 4.67% |
| EL | 0.23% | 1.63% |
| DLTR | 0.22% | 1.50% |
| GIS | 0.22% | 1.34% |
| SJM | 0.21% | 0.88% |
| DG | 0.21% | 1.70% |
| MKC | 0.21% | 0.88% |
| KMB | 0.20% | 2.30% |
| KO | 0.20% | 7.34% |
| KVUE | 0.20% | 2.32% |
| PM | 0.20% | 6.36% |
| CLX | 0.20% | 0.79% |
| SYY | 0.20% | 2.50% |
| BF.B | 0.20% | 0.30% |
| HSY | 0.20% | 1.72% |
Largest positions held only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%). Only by XLP: IXRU6 (0.00%).
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 | XLP |
|---|---|---|
| 2022 | -11.6% | -0.8% |
| 2023 | +13.7% | -0.8% |
| 2024 | +12.8% | +12.2% |
| 2025 | +11.2% | +1.5% |
| 2026 | +16.5% | +10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and XLP good diversifiers for each other?
Only partially. A correlation of 0.53 means RSP and XLP 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 XLP?
As of 2026-08-27, the correlation of weekly returns between RSP and XLP is 0.53 over 3 years, 0.48 over 1 year and 0.64 over 5 years.
Is XLP a good diversifier for RSP?
Only partially. A correlation of 0.53 means RSP and XLP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do RSP and XLP overlap?
The two funds share 34 holdings amounting to 6.6% of weight, per issuer portfolio files dated 2026-08-26.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rsp-vs-xlp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/rsp-vs-xlp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RSP correlations · XLP correlations
