RFM vs SPY: Correlation
RiverNorth Flexible Municipal Income Fund, Inc. (RFM) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RFM and SPY?
Over the past 3 years, RFM and SPY moved with a correlation of 0.45, which is moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 78.3 %².
Out of 12 assets tracked against RFM, SPY lands near the bottom at #8. The trailing year gives SPY the advantage: +12.8% versus +20.6%, a 7.8-point spread.
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.
RFM vs SPY: side by side
| RFM (RiverNorth Flexible Municipal Income Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.8% | +20.6% |
| 5-year return | -7.4% | +82.4% |
| Volatility (ann.) | 12.0% | 14.5% |
| Beta vs S&P 500 | 0.38 | 1.00 |
| Max drawdown (3Y) | -16.0% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 159.2 | – |
| 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 | RFM | SPY |
|---|---|---|
| 2022 | -22.9% | -18.2% |
| 2023 | +9.3% | +26.2% |
| 2024 | +3.2% | +24.9% |
| 2025 | +1.6% | +17.7% |
| 2026 | +7.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RFM and SPY good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RFM and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.51 over the last year and 0.50 over 5 years.
Is SPY a good diversifier for RFM?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 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: RFM correlations · SPY correlations
