REG vs SPY: Correlation
Regency Centers (REG) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REG and SPY?
On 3 years of weekly data the REG/SPY correlation comes out at 0.28, weak. The link has loosened recently: the 1-year correlation (-0.03) runs below the 3-year figure (0.28). The 5-year figure is 0.52, and annualized covariance runs at 71.1 %².
By 3-year correlation, SPY places #30 of the 41 assets tracked against REG. The trailing year gives SPY the advantage: +8.4% versus +20.6%, a 12.2-point spread. This link changes with the market regime, having swung between -0.04 and 0.71 on a rolling one-year basis.
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.
REG vs SPY: side by side
| REG (Regency Centers) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.4% | +20.6% |
| 5-year return | +35.2% | +82.4% |
| Volatility (ann.) | 17.8% | 14.5% |
| Beta vs S&P 500 | 0.34 | 1.00 |
| Max drawdown (3Y) | -15.1% | -18.8% |
| Market cap | $14.1B | – |
| P/E (trailing) | 25.5 | – |
| Dividend yield | 3.89% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | REG | SPY |
|---|---|---|
| 2022 | -13.6% | -18.2% |
| 2023 | +11.9% | +26.2% |
| 2024 | +14.9% | +24.9% |
| 2025 | -2.8% | +17.7% |
| 2026 | +11.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REG and SPY good diversifiers for each other?
Reasonably. At 0.28, REG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between REG and SPY?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with -0.03 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for REG?
Reasonably. At 0.28, REG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.28 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: REG correlations · SPY correlations
