R vs SPY: Correlation
How closely do Ryder System, Inc. (R) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are R and SPY?
Across a 3-year window, the weekly returns of R and SPY correlate at 0.51, moderate. The past 12 months show a weaker link (0.23) than the 3-year average (0.51). Stretching to 5 years gives 0.44, with an annualized covariance of 228.4 %².
Among the 21 assets we track against R, SPY ranks #12 by 3-year correlation. Over the last 12 months R came out ahead by 14.3 percentage points (+34.9% against +20.6%). Risk is not evenly split, since R carries 2.1 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.
R vs SPY: side by side
| R (Ryder System, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.9% | +20.6% |
| 5-year return | +245.8% | +82.4% |
| Volatility (ann.) | 31.1% | 14.5% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -23.9% | -18.8% |
| Market cap | $9.5B | – |
| P/E (trailing) | 20.3 | – |
| Dividend yield | 1.46% | 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 | R | SPY |
|---|---|---|
| 2022 | +4.4% | -18.2% |
| 2023 | +41.6% | +26.2% |
| 2024 | +39.5% | +24.9% |
| 2025 | +24.5% | +17.7% |
| 2026 | +31.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are R and SPY good diversifiers for each other?
Only partially. A correlation of 0.51 means R and SPY 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 R and SPY?
The R/SPY correlation stands at 0.51 on a 3-year window (1 year: 0.23, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for R?
Only partially. A correlation of 0.51 means R and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
A reading of 0.51 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: R correlations · SPY correlations
