RBCAA vs SPY: Correlation
Measured on weekly returns over the past three years, Republic Bancorp, Inc. (RBCAA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RBCAA and SPY?
On 3 years of weekly data the RBCAA/SPY correlation comes out at 0.35, moderate. The past 12 months show a weaker link (0.08) than the 3-year average (0.35). The 5-year figure is 0.40, and annualized covariance runs at 143.0 %².
SPY is close to the least connected end of RBCAA's tracked universe, ranking #27 of 31. Twelve-month performance is nearly a tie, at +25.1% for RBCAA and +20.6% for SPY. One caveat on sizing: RBCAA is 1.9 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.
RBCAA vs SPY: side by side
| RBCAA (Republic Bancorp, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.1% | +20.6% |
| 5-year return | +117.3% | +82.4% |
| Volatility (ann.) | 28.1% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -21.6% | -18.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | 14.4 | – |
| Dividend yield | 2.01% | 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 | RBCAA | SPY |
|---|---|---|
| 2022 | -16.9% | -18.2% |
| 2023 | +39.4% | +26.2% |
| 2024 | +30.3% | +24.9% |
| 2025 | +1.3% | +17.7% |
| 2026 | +38.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RBCAA 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 RBCAA and SPY?
The RBCAA/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.08, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RBCAA?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rbcaa-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rbcaa-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RBCAA correlations · SPY correlations
