RELY vs SPY: Correlation
Remitly Global, Inc. (RELY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RELY and SPY?
On 3 years of weekly data the RELY/SPY correlation comes out at 0.25, weak. Lately the two have moved closer together, with the 1-year correlation at 0.44 versus 0.25 over 3 years. The 5-year figure is 0.30, and annualized covariance runs at 189.0 %².
Within RELY's tracked universe of 15 assets, SPY comes in at #7 by 3-year correlation. The last year tells two different stories: RELY led by 20.7 percentage points, +41.3% for RELY against +20.6% for SPY. Note the risk asymmetry: RELY runs 3.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
RELY vs SPY: side by side
| RELY (Remitly Global, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +41.3% | +20.6% |
| 5-year return | -46.4% | +82.4% |
| Volatility (ann.) | 52.6% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -57.9% | -18.8% |
| Market cap | $5.5B | – |
| P/E (trailing) | 18.6 | – |
| 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 | RELY | SPY |
|---|---|---|
| 2022 | -44.5% | -18.2% |
| 2023 | +69.6% | +26.2% |
| 2024 | +16.2% | +24.9% |
| 2025 | -38.9% | +17.7% |
| 2026 | +88.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RELY and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RELY and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.44 over the last year and 0.30 over 5 years.
Is SPY a good diversifier for RELY?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 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: RELY correlations · SPY correlations
