RCL vs SPY: Correlation
Measured on weekly returns over the past three years, Royal Caribbean Group (RCL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RCL and SPY?
Across a 3-year window, the weekly returns of RCL and SPY correlate at 0.51, moderate. The link has loosened recently: the 1-year correlation (0.24) runs below the 3-year figure (0.51). Stretching to 5 years gives 0.55, with an annualized covariance of 305.4 %².
Within RCL's tracked universe of 37 assets, SPY comes in at #19 by 3-year correlation. The last year tells two different stories: SPY led by 39.9 percentage points, -19.3% for RCL against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.22 to 0.70. Note the risk asymmetry: RCL runs 2.8 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.
RCL vs SPY: side by side
| RCL (Royal Caribbean Group) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.3% | +20.6% |
| 5-year return | +257.6% | +82.4% |
| Volatility (ann.) | 41.3% | 14.5% |
| Beta vs S&P 500 | 1.46 | 1.00 |
| Max drawdown (3Y) | -35.0% | -18.8% |
| Market cap | $76.2B | – |
| P/E (trailing) | 17.9 | – |
| Dividend yield | 1.72% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | RCL | SPY |
|---|---|---|
| 2022 | -35.7% | -18.2% |
| 2023 | +162.0% | +26.2% |
| 2024 | +79.0% | +24.9% |
| 2025 | +22.5% | +17.7% |
| 2026 | +3.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
RCL represents 0.11% of SPY's portfolio, so part of any move in SPY is RCL itself, and the correlation between them is partly mechanical.
Are RCL and SPY good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between RCL and SPY?
As of 2026-08-27, the correlation of weekly returns between RCL and SPY is 0.51 over 3 years, 0.24 over 1 year and 0.55 over 5 years.
Is SPY a good diversifier for RCL?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 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: RCL correlations · SPY correlations
