IRT vs SPY: Correlation
How closely do Independence Realty Trust, Inc. (IRT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IRT and SPY?
Across a 3-year window, the weekly returns of IRT and SPY correlate at 0.43, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.17 versus 0.43 over 3 years. Stretching to 5 years gives 0.50, with an annualized covariance of 154.8 %².
Among the 16 assets we track against IRT, SPY ranks #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 24.1 percentage points (-3.5% for IRT against +20.6% for SPY). One caveat on sizing: IRT is 1.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
IRT vs SPY: side by side
| IRT (Independence Realty Trust, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.5% | +20.6% |
| 5-year return | -4.5% | +82.4% |
| Volatility (ann.) | 24.8% | 14.5% |
| Beta vs S&P 500 | 0.74 | 1.00 |
| Max drawdown (3Y) | -29.0% | -18.8% |
| Market cap | $4.0B | – |
| P/E (trailing) | 91.1 | – |
| Dividend yield | 4.15% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | IRT | SPY |
|---|---|---|
| 2022 | -32.3% | -18.2% |
| 2023 | -5.6% | +26.2% |
| 2024 | +34.3% | +24.9% |
| 2025 | -8.5% | +17.7% |
| 2026 | -4.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IRT and SPY good diversifiers for each other?
Reasonably. At 0.43, IRT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IRT and SPY?
As of 2026-08-27, the correlation of weekly returns between IRT and SPY is 0.43 over 3 years, 0.17 over 1 year and 0.50 over 5 years.
Is SPY a good diversifier for IRT?
Reasonably. At 0.43, IRT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: IRT correlations · SPY correlations
