REPX vs SPY: Correlation
Riley Exploration Permian, Inc. (REPX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REPX and SPY?
Over the past 3 years, REPX and SPY moved with a correlation of 0.18, which is weak. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (0.18). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 120.6 %².
Out of 11 assets tracked against REPX, SPY lands near the bottom at #7. The last year tells two different stories: REPX led by 19.2 percentage points, +39.8% for REPX against +20.6% for SPY. One caveat on sizing: REPX is 3.2 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.
REPX vs SPY: side by side
| REPX (Riley Exploration Permian, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +39.8% | +20.6% |
| 5-year return | +145.9% | +82.4% |
| Volatility (ann.) | 46.0% | 14.5% |
| Beta vs S&P 500 | 0.58 | 1.00 |
| Max drawdown (3Y) | -38.0% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 6.7 | – |
| Dividend yield | 4.27% | 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 | REPX | SPY |
|---|---|---|
| 2022 | +60.2% | -18.2% |
| 2023 | -3.9% | +26.2% |
| 2024 | +23.8% | +24.9% |
| 2025 | -12.7% | +17.7% |
| 2026 | +50.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REPX and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
FAQ
What is the correlation between REPX and SPY?
As of 2026-08-27, the correlation of weekly returns between REPX and SPY is 0.18 over 3 years, -0.36 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for REPX?
By historical standards, yes. A correlation of 0.18 means the two rarely move for the same reasons.
What does a correlation of 0.18 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: REPX correlations · SPY correlations
