RF vs SPY: Correlation
How closely do Regions Financial Corporation (RF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RF and SPY?
Across a 3-year window, the weekly returns of RF and SPY correlate at 0.54, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.54 over 3 years. Stretching to 5 years gives 0.54, with an annualized covariance of 228.5 %².
Among the 44 assets we track against RF, SPY ranks #32 by 3-year correlation. The trailing year gives SPY the advantage: +15.4% versus +20.6%, a 5.2-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.28 to 0.79. Risk is not evenly split, since RF carries 2.0 times the volatility of the other side.
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.
RF vs SPY: side by side
| RF (Regions Financial Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.4% | +20.6% |
| 5-year return | +83.5% | +82.4% |
| Volatility (ann.) | 29.2% | 14.5% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -31.9% | -18.8% |
| Market cap | $25.9B | – |
| P/E (trailing) | 12.4 | – |
| Dividend yield | 3.45% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | RF | SPY |
|---|---|---|
| 2022 | +2.3% | -18.2% |
| 2023 | -5.7% | +26.2% |
| 2024 | +27.0% | +24.9% |
| 2025 | +20.2% | +17.7% |
| 2026 | +14.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RF and SPY good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between RF and SPY?
As of 2026-08-27, the correlation of weekly returns between RF and SPY is 0.54 over 3 years, 0.31 over 1 year and 0.54 over 5 years.
Is SPY a good diversifier for RF?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
A reading of 0.54 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: RF correlations · SPY correlations
