RSP vs XLRE: Correlation & Overlap
Measured on weekly returns over the past three years, Invesco S&P 500 Equal Weight ETF (RSP) and Real Estate Select Sector SPDR Fund (XLRE) carry a correlation of 0.74, a strong link. Looking through to holdings, 5.5% 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 XLRE?
Across a 3-year window, the weekly returns of RSP and XLRE correlate at 0.74, strong. Recent behaviour matches the longer record: 0.64 over 1 year against 0.74 over 3. Stretching to 5 years gives 0.80, with an annualized covariance of 163.7 %².
Within RSP's tracked universe of 250 assets, XLRE comes in at #43 by 3-year correlation. On 12-month performance RSP holds a 9.7-point edge, +19.2% against +9.5%. On a rolling one-year basis the correlation drifted between 0.64 and 0.91, a moderate band.
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 XLRE: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | XLRE (Real Estate Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +19.2% | +9.5% |
| 5-year return | +53.9% | +11.4% |
| Volatility (ann.) | 13.2% | 16.7% |
| Beta vs S&P 500 | 0.77 | 0.57 |
| Max drawdown (3Y) | -17.8% | -16.6% |
| Dividend yield | 1.49% | 3.12% |
| Expense ratio | 0.20% | 0.08% |
| Assets under management | $97.3B | $8.6B |
| 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. On the fund side, XLRE sits in the Real Estate category at State Street Investment Management, with $8.6B under management, 31 holdings, a 0.08% expense ratio, a 3.12% trailing dividend yield.
Portfolio overlap between RSP and XLRE
The two portfolios are largely distinct, with 30 holdings in common adding up to 5.5% of fund weight. Where correlation shows the co-movement, the overlap shows its source.
| Common holding | Weight in RSP | Weight in XLRE |
|---|---|---|
| WELL | 0.21% | 11.43% |
| CBRE | 0.21% | 4.45% |
| VTR | 0.21% | 4.59% |
| BXP | 0.20% | 1.05% |
| DLR | 0.20% | 5.01% |
| DOC | 0.20% | 1.50% |
| EQIX | 0.19% | 7.14% |
| SPG | 0.19% | 4.72% |
| ARE | 0.19% | 0.84% |
| ESS | 0.19% | 1.87% |
| INVH | 0.19% | 1.65% |
| O | 0.19% | 4.46% |
| WY | 0.19% | 1.75% |
| VMRK | 0.18% | 4.96% |
| IRM | 0.18% | 3.65% |
Largest positions held only by RSP: MRNA (0.61%), ZBRA (0.31%), CRL (0.29%), DASH (0.29%), EXPE (0.28%). Only by XLRE: XARU6 (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 | XLRE |
|---|---|---|
| 2022 | -11.6% | -26.2% |
| 2023 | +13.7% | +12.4% |
| 2024 | +12.8% | +5.1% |
| 2025 | +11.2% | +2.6% |
| 2026 | +16.5% | +12.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and XLRE good diversifiers for each other?
Only partially. A correlation of 0.74 means RSP and XLRE 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 XLRE?
As of 2026-08-27, the correlation of weekly returns between RSP and XLRE is 0.74 over 3 years, 0.64 over 1 year and 0.80 over 5 years.
Is XLRE a good diversifier for RSP?
Only partially. A correlation of 0.74 means RSP and XLRE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do RSP and XLRE overlap?
The two funds share 30 holdings amounting to 5.5% of weight, per issuer portfolio files dated 2026-08-26.
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Related comparisons
Hubs: RSP correlations · XLRE correlations
