REXR vs SPY: Correlation
How closely do Rexford Industrial Realty, Inc. (REXR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are REXR and SPY?
On 3 years of weekly data the REXR/SPY correlation comes out at 0.46, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.28 versus 0.46 over 3 years. The 5-year figure is 0.55, and annualized covariance runs at 173.6 %².
SPY is close to the least connected end of REXR's tracked universe, ranking #9 of 13. Correlation aside, the last 12 months split them widely, with SPY ahead by 27.4 points (-6.8% versus +20.6%). One caveat on sizing: REXR is 1.8 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.
REXR vs SPY: side by side
| REXR (Rexford Industrial Realty, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.8% | +20.6% |
| 5-year return | -29.5% | +82.4% |
| Volatility (ann.) | 25.9% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -41.9% | -18.8% |
| Market cap | $8.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.64% | 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 | REXR | SPY |
|---|---|---|
| 2022 | -31.2% | -18.2% |
| 2023 | +5.6% | +26.2% |
| 2024 | -28.5% | +24.9% |
| 2025 | +4.7% | +17.7% |
| 2026 | -1.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are REXR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between REXR and SPY?
As of 2026-08-27, the correlation of weekly returns between REXR and SPY is 0.46 over 3 years, 0.28 over 1 year and 0.55 over 5 years.
Is SPY a good diversifier for REXR?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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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Related comparisons
Hubs: REXR correlations · SPY correlations
