REFI vs SPY: Correlation
Chicago Atlantic Real Estate Finance, Inc. (REFI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REFI and SPY?
Across a 3-year window, the weekly returns of REFI and SPY correlate at 0.38, moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. Stretching to 5 years gives 0.34, with an annualized covariance of 105.7 %².
SPY is close to the least connected end of REFI's tracked universe, ranking #8 of 12. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 33.2 percentage points (-12.6% for REFI against +20.6% for SPY).
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.
REFI vs SPY: side by side
| REFI (Chicago Atlantic Real Estate Finance, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -12.6% | +20.6% |
| 5-year return | +21.3% | +82.4% |
| Volatility (ann.) | 19.4% | 14.5% |
| Beta vs S&P 500 | 0.51 | 1.00 |
| Max drawdown (3Y) | -24.9% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 7.8 | – |
| Dividend yield | 17.60% | 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 | REFI | SPY |
|---|---|---|
| 2022 | +3.4% | -18.2% |
| 2023 | +23.7% | +26.2% |
| 2024 | +8.7% | +24.9% |
| 2025 | -8.7% | +17.7% |
| 2026 | -5.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REFI and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between REFI and SPY?
The REFI/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.36, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for REFI?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 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
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Related comparisons
Hubs: REFI correlations · SPY correlations
