RCEL vs SPY: Correlation
Avita Medical, Inc. (RCEL) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RCEL and SPY?
Across a 3-year window, the weekly returns of RCEL and SPY correlate at 0.32, moderate. Recent behaviour matches the longer record: 0.25 over 1 year against 0.32 over 3. Stretching to 5 years gives 0.38, with an annualized covariance of 419.5 %².
Among the 11 assets we track against RCEL, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: RCEL led by 107.2 percentage points, +127.8% for RCEL against +20.6% for SPY. Note the risk asymmetry: RCEL runs 6.3 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.
RCEL vs SPY: side by side
| RCEL (Avita Medical, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +127.8% | +20.6% |
| 5-year return | -48.7% | +82.4% |
| Volatility (ann.) | 91.0% | 14.5% |
| Beta vs S&P 500 | 2.01 | 1.00 |
| Max drawdown (3Y) | -82.1% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| 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 | RCEL | SPY |
|---|---|---|
| 2022 | -44.9% | -18.2% |
| 2023 | +107.9% | +26.2% |
| 2024 | -6.7% | +24.9% |
| 2025 | -73.0% | +17.7% |
| 2026 | +199.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RCEL and SPY good diversifiers for each other?
Reasonably. At 0.32, RCEL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RCEL and SPY?
As of 2026-08-27, the correlation of weekly returns between RCEL and SPY is 0.32 over 3 years, 0.25 over 1 year and 0.38 over 5 years.
Is SPY a good diversifier for RCEL?
Reasonably. At 0.32, RCEL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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/rcel-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rcel-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RCEL correlations · SPY correlations
