RENT vs SPY: Correlation
How closely do Rent the Runway, Inc. (RENT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.15, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RENT and SPY?
Across a 3-year window, the weekly returns of RENT and SPY correlate at 0.15, weak. The link has tightened recently: the 1-year correlation (0.27) runs above the 3-year figure (0.15). Stretching to 5 years gives 0.19, with an annualized covariance of 453.6 %².
Among the 18 assets we track against RENT, SPY ranks #13 by 3-year correlation. The last year tells two different stories: SPY led by 56.4 percentage points, -35.8% for RENT against +20.6% for SPY. Note the risk asymmetry: RENT runs 14.6 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.
RENT vs SPY: side by side
| RENT (Rent the Runway, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -35.8% | +20.6% |
| 5-year return | -99.1% | +82.4% |
| Volatility (ann.) | 212.1% | 14.5% |
| Beta vs S&P 500 | 2.17 | 1.00 |
| Max drawdown (3Y) | -91.6% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 0.5 | – |
| 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 | RENT | SPY |
|---|---|---|
| 2022 | -62.6% | -18.2% |
| 2023 | -82.7% | +26.2% |
| 2024 | -19.5% | +24.9% |
| 2025 | -6.9% | +17.7% |
| 2026 | -54.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RENT and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between RENT and SPY?
As of 2026-08-27, the correlation of weekly returns between RENT and SPY is 0.15 over 3 years, 0.27 over 1 year and 0.19 over 5 years.
Is SPY a good diversifier for RENT?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 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: RENT correlations · SPY correlations
