RDY vs SPY: Correlation
Dr. Reddy's Laboratories Ltd (RDY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RDY and SPY?
Across a 3-year window, the weekly returns of RDY and SPY correlate at 0.20, weak. The link has loosened recently: the 1-year correlation (-0.08) runs below the 3-year figure (0.20). Stretching to 5 years gives 0.24, with an annualized covariance of 67.4 %².
SPY is close to the least connected end of RDY's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with SPY ahead by 34.6 points (-14.0% versus +20.6%). One caveat on sizing: RDY is 1.6 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.
RDY vs SPY: side by side
| RDY (Dr. Reddy's Laboratories Ltd) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.0% | +20.6% |
| 5-year return | +1.0% | +82.4% |
| Volatility (ann.) | 23.9% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -32.0% | -18.8% |
| Market cap | $10.1B | – |
| P/E (trailing) | 29.0 | – |
| Dividend yield | 65.47% | 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 | RDY | SPY |
|---|---|---|
| 2022 | -19.7% | -18.2% |
| 2023 | +36.5% | +26.2% |
| 2024 | +14.1% | +24.9% |
| 2025 | -10.5% | +17.7% |
| 2026 | -12.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RDY and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RDY and SPY?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with -0.08 over the last year and 0.24 over 5 years.
Is SPY a good diversifier for RDY?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 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: RDY correlations · SPY correlations
