RSP vs XLV: Correlation & Overlap
How closely do Invesco S&P 500 Equal Weight ETF (RSP) and Health Care Select Sector SPDR Fund (XLV) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong. The two funds also share 12.7% of their portfolios by weight.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSP and XLV?
Over the past 3 years, RSP and XLV moved with a correlation of 0.61, which is strong. The link has loosened recently: the 1-year correlation (0.50) runs below the 3-year figure (0.61). Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 118.6 %².
Within RSP's tracked universe of 250 assets, XLV comes in at #118 by 3-year correlation. The trailing year gives XLV the advantage: +19.2% versus +27.5%, a 8.3-point spread. Stability stands out here, with the rolling one-year correlation confined to 0.54 through 0.73.
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 XLV: side by side
| RSP (Invesco S&P 500 Equal Weight ETF) | XLV (Health Care Select Sector SPDR Fund) | |
|---|---|---|
| 1-year return | +19.2% | +27.5% |
| 5-year return | +53.9% | +37.4% |
| Volatility (ann.) | 13.2% | 14.7% |
| Beta vs S&P 500 | 0.77 | 0.42 |
| Max drawdown (3Y) | -17.8% | -17.1% |
| Dividend yield | 1.49% | 1.56% |
| Expense ratio | 0.20% | 0.08% |
| Assets under management | $97.3B | $41.7B |
| 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, XLV sits in the Health category at State Street Investment Management, with $41.7B under management, 61 holdings, a 0.08% expense ratio, a 1.56% trailing dividend yield.
Portfolio overlap between RSP and XLV
The two portfolios are largely distinct: 12.7% of the funds' weight sits in the same underlying holdings (59 common positions). Correlation tells you they move together; overlap tells you why.
| Common holding | Weight in RSP | Weight in XLV |
|---|---|---|
| MRNA | 0.61% | 0.84% |
| VEEV | 0.28% | 0.59% |
| IQV | 0.27% | 0.70% |
| REGN | 0.25% | 1.30% |
| TMO | 0.24% | 3.76% |
| AMGN | 0.24% | 3.80% |
| BDX | 0.24% | 0.84% |
| MRK | 0.24% | 6.04% |
| ABT | 0.24% | 3.17% |
| VRTX | 0.23% | 2.22% |
| LH | 0.23% | 0.44% |
| MTD | 0.23% | 0.45% |
| RMD | 0.23% | 0.55% |
| CRL | 0.29% | 0.23% |
| GILD | 0.23% | 2.94% |
Largest positions held only by RSP: ZBRA (0.31%), DASH (0.29%), EXPE (0.28%), PYPL (0.28%), GPN (0.28%). Only by XLV: IXCU6 (0.03%), 2602335D (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 | XLV |
|---|---|---|
| 2022 | -11.6% | -2.1% |
| 2023 | +13.7% | +2.1% |
| 2024 | +12.8% | +2.5% |
| 2025 | +11.2% | +14.5% |
| 2026 | +16.5% | +11.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSP and XLV good diversifiers for each other?
Only partially. A correlation of 0.61 means RSP and XLV 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 XLV?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.50 over the last year and 0.67 over 5 years.
Is XLV a good diversifier for RSP?
Only partially. A correlation of 0.61 means RSP and XLV share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
How much do RSP and XLV overlap?
Per the issuers' own portfolio disclosures (2026-08-26), the overlap is 12.7% by weight over 59 common positions.
Use this data
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[](https://www.pairbook.io/pair/rsp-vs-xlv/)
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Hubs: RSP correlations · XLV correlations
