RAVE vs SPY: Correlation
How closely do Rave Restaurant Group, Inc. (RAVE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RAVE and SPY?
On 3 years of weekly data the RAVE/SPY correlation comes out at 0.18, weak. The relationship has been stable: the 1-year correlation (0.17) sits close to the 3-year figure. The 5-year figure is 0.22, and annualized covariance runs at 130.6 %².
SPY is close to the least connected end of RAVE's tracked universe, ranking #6 of 10. The last year tells two different stories: SPY led by 24.6 percentage points, -4.0% for RAVE against +20.6% for SPY. One caveat on sizing: RAVE is 3.5 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.
RAVE vs SPY: side by side
| RAVE (Rave Restaurant Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -4.0% | +20.6% |
| 5-year return | +146.8% | +82.4% |
| Volatility (ann.) | 50.5% | 14.5% |
| Beta vs S&P 500 | 0.63 | 1.00 |
| Max drawdown (3Y) | -37.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 14.8 | – |
| 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 | RAVE | SPY |
|---|---|---|
| 2022 | +56.4% | -18.2% |
| 2023 | +41.1% | +26.2% |
| 2024 | +15.7% | +24.9% |
| 2025 | +27.9% | +17.7% |
| 2026 | -5.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RAVE and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between RAVE and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.17 over the last year and 0.22 over 5 years.
Is SPY a good diversifier for RAVE?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 mean?
A reading of 0.18 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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Related comparisons
Hubs: RAVE correlations · SPY correlations
