RA vs SPY: Correlation
How closely do Brookfield Real Assets Income Fund Inc. (RA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RA and SPY?
Across a 3-year window, the weekly returns of RA and SPY correlate at 0.53, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.53 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 67.7 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against RA. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 16.0 percentage points (+4.6% for RA against +20.6% for SPY). Note the risk asymmetry: SPY runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
RA vs SPY: side by side
| RA (Brookfield Real Assets Income Fund Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.6% | +20.6% |
| 5-year return | +3.5% | +82.4% |
| Volatility (ann.) | 8.8% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -27.7% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 0.00% | 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 | RA | SPY |
|---|---|---|
| 2022 | -13.5% | -18.2% |
| 2023 | -9.0% | +26.2% |
| 2024 | +15.9% | +24.9% |
| 2025 | +8.3% | +17.7% |
| 2026 | +4.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RA and SPY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between RA and SPY?
The RA/SPY correlation stands at 0.53 on a 3-year window (1 year: 0.49, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RA?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 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: RA correlations · SPY correlations
