REX vs SPY: Correlation
REX American Resources Corporation (REX) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REX and SPY?
Across a 3-year window, the weekly returns of REX and SPY correlate at 0.16, weak. The link has loosened recently: the 1-year correlation (-0.14) runs below the 3-year figure (0.16). Stretching to 5 years gives 0.22, with an annualized covariance of 91.4 %².
Among the 15 assets we track against REX, SPY sits near the bottom by co-movement, at rank #11. On 12-month performance REX holds a 14.1-point edge, +34.7% against +20.6%. One caveat on sizing: REX is 2.8 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.
REX vs SPY: side by side
| REX (REX American Resources Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.7% | +20.6% |
| 5-year return | +190.5% | +82.4% |
| Volatility (ann.) | 40.2% | 14.5% |
| Beta vs S&P 500 | 0.44 | 1.00 |
| Max drawdown (3Y) | -41.6% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 15.2 | – |
| 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 | REX | SPY |
|---|---|---|
| 2022 | -0.4% | -18.2% |
| 2023 | +48.5% | +26.2% |
| 2024 | -11.9% | +24.9% |
| 2025 | +55.0% | +17.7% |
| 2026 | +26.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REX and SPY good diversifiers for each other?
Yes. With a correlation of 0.16, REX and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between REX and SPY?
As of 2026-08-27, the correlation of weekly returns between REX and SPY is 0.16 over 3 years, -0.14 over 1 year and 0.22 over 5 years.
Is SPY a good diversifier for REX?
Yes. With a correlation of 0.16, REX and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.16 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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Hubs: REX correlations · SPY correlations
