JRVR vs SPY: Correlation
James River Group Holdings, Inc. (JRVR) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JRVR and SPY?
On 3 years of weekly data the JRVR/SPY correlation comes out at 0.15, weak. The past 12 months show a weaker link (-0.09) than the 3-year average (0.15). The 5-year figure is 0.22, and annualized covariance runs at 114.7 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against JRVR. Correlation aside, the last 12 months split them widely, with SPY ahead by 47.0 points (-26.4% versus +20.6%). Risk is not evenly split, since JRVR carries 3.5 times the volatility of the other side.
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.
JRVR vs SPY: side by side
| JRVR (James River Group Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -26.4% | +20.6% |
| 5-year return | -88.2% | +82.4% |
| Volatility (ann.) | 51.3% | 14.5% |
| Beta vs S&P 500 | 0.55 | 1.00 |
| Max drawdown (3Y) | -77.1% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 9.4 | – |
| Dividend yield | 0.97% | 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 | JRVR | SPY |
|---|---|---|
| 2022 | -26.8% | -18.2% |
| 2023 | -55.2% | +26.2% |
| 2024 | -46.2% | +24.9% |
| 2025 | +31.6% | +17.7% |
| 2026 | -35.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JRVR and SPY good diversifiers for each other?
Yes. With a correlation of 0.15, JRVR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between JRVR and SPY?
As of 2026-08-27, the correlation of weekly returns between JRVR and SPY is 0.15 over 3 years, -0.09 over 1 year and 0.22 over 5 years.
Is SPY a good diversifier for JRVR?
Yes. With a correlation of 0.15, JRVR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: JRVR correlations · SPY correlations
