REFR vs SPY: Correlation
How closely do Research Frontiers Incorporated (REFR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.11, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REFR and SPY?
Over the past 3 years, REFR and SPY moved with a correlation of 0.11, which is weak. Recent behaviour matches the longer record: 0.14 over 1 year against 0.11 over 3. Over 5 years the correlation is 0.08, and the annualized covariance of weekly returns is 108.3 %².
Among the 11 assets we track against REFR, SPY ranks #6 by 3-year correlation. The last year tells two different stories: SPY led by 86.0 percentage points, -65.4% for REFR against +20.6% for SPY. One caveat on sizing: REFR is 4.7 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.
REFR vs SPY: side by side
| REFR (Research Frontiers Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -65.4% | +20.6% |
| 5-year return | -78.3% | +82.4% |
| Volatility (ann.) | 68.5% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -83.5% | -18.8% |
| Market cap | – | – |
| 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 | REFR | SPY |
|---|---|---|
| 2022 | +11.0% | -18.2% |
| 2023 | -47.1% | +26.2% |
| 2024 | +69.3% | +24.9% |
| 2025 | -23.4% | +17.7% |
| 2026 | -63.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REFR and SPY good diversifiers for each other?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between REFR and SPY?
Using weekly returns as of 2026-08-27: 0.11 over 3 years, with 0.14 over the last year and 0.08 over 5 years.
Is SPY a good diversifier for REFR?
Yes: at 0.11, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.11 mean?
On the −1 to +1 scale, 0.11 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: REFR correlations · SPY correlations
