RBA vs SPY: Correlation
How closely do RB Global, Inc. (RBA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RBA and SPY?
Over the past 3 years, RBA and SPY moved with a correlation of 0.35, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.35 over 3 years. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 143.4 %².
Out of 10 assets tracked against RBA, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 45.9 percentage points (-25.3% for RBA against +20.6% for SPY). Risk is not evenly split, since RBA carries 1.9 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.
RBA vs SPY: side by side
| RBA (RB Global, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -25.3% | +20.6% |
| 5-year return | +48.6% | +82.4% |
| Volatility (ann.) | 28.2% | 14.5% |
| Beta vs S&P 500 | 0.69 | 1.00 |
| Max drawdown (3Y) | -30.9% | -18.8% |
| Market cap | $15.9B | – |
| P/E (trailing) | 36.9 | – |
| Dividend yield | 1.47% | 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 | RBA | SPY |
|---|---|---|
| 2022 | -3.9% | -18.2% |
| 2023 | +20.3% | +26.2% |
| 2024 | +36.8% | +24.9% |
| 2025 | +14.7% | +17.7% |
| 2026 | -15.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RBA and SPY good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RBA and SPY?
The RBA/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.09, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RBA?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
A reading of 0.35 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: RBA correlations · SPY correlations
