REI vs SPY: Correlation
Measured on weekly returns over the past three years, Ring Energy, Inc. (REI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.10, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REI and SPY?
On 3 years of weekly data the REI/SPY correlation comes out at 0.10, weak. The link has loosened recently: the 1-year correlation (-0.13) runs below the 3-year figure (0.10). The 5-year figure is 0.20, and annualized covariance runs at 76.9 %².
Among the 11 assets we track against REI, SPY sits near the bottom by co-movement, at rank #7. The trailing year gives REI the advantage: +33.6% versus +20.6%, a 13.0-point spread. One caveat on sizing: REI is 3.8 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.
REI vs SPY: side by side
| REI (Ring Energy, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.6% | +20.6% |
| 5-year return | -36.4% | +82.4% |
| Volatility (ann.) | 54.5% | 14.5% |
| Beta vs S&P 500 | 0.37 | 1.00 |
| Max drawdown (3Y) | -65.6% | -18.8% |
| Market cap | $0.4B | – |
| 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 | REI | SPY |
|---|---|---|
| 2022 | +7.9% | -18.2% |
| 2023 | -40.7% | +26.2% |
| 2024 | -6.8% | +24.9% |
| 2025 | -36.0% | +17.7% |
| 2026 | +69.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REI and SPY good diversifiers for each other?
Yes. With a correlation of 0.10, REI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between REI and SPY?
The REI/SPY correlation stands at 0.10 on a 3-year window (1 year: -0.13, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for REI?
Yes. With a correlation of 0.10, REI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.10 mean?
A reading of 0.10 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: REI correlations · SPY correlations
