RDNW vs SPY: Correlation
Measured on weekly returns over the past three years, RideNow Group, Inc. (RDNW) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RDNW and SPY?
Over the past 3 years, RDNW and SPY moved with a correlation of 0.37, which is moderate. The past 12 months show a weaker link (0.06) than the 3-year average (0.37). Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 424.7 %².
By 3-year correlation, SPY places #7 of the 12 assets tracked against RDNW. Their recent paths diverged sharply: over the last 12 months RDNW outperformed by 52.4 percentage points (+73.0% for RDNW against +20.6% for SPY). One caveat on sizing: RDNW is 5.5 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.
RDNW vs SPY: side by side
| RDNW (RideNow Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +73.0% | +20.6% |
| 5-year return | -83.4% | +82.4% |
| Volatility (ann.) | 80.4% | 14.5% |
| Beta vs S&P 500 | 2.03 | 1.00 |
| Max drawdown (3Y) | -82.3% | -18.8% |
| Market cap | $0.2B | – |
| 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 | RDNW | SPY |
|---|---|---|
| 2022 | -84.4% | -18.2% |
| 2023 | +25.8% | +26.2% |
| 2024 | -33.3% | +24.9% |
| 2025 | +1.7% | +17.7% |
| 2026 | +6.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RDNW and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RDNW and SPY?
The RDNW/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.06, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RDNW?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
A reading of 0.37 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/rdnw-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rdnw-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RDNW correlations · SPY correlations
