RGLD vs SPY: Correlation
Measured on weekly returns over the past three years, Royal Gold, Inc. (RGLD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RGLD and SPY?
Across a 3-year window, the weekly returns of RGLD and SPY correlate at 0.26, weak. The relationship has been stable: the 1-year correlation (0.28) sits close to the 3-year figure. Stretching to 5 years gives 0.31, with an annualized covariance of 134.2 %².
SPY is close to the least connected end of RGLD's tracked universe, ranking #12 of 16. The last year tells two different stories: RGLD led by 32.7 percentage points, +53.3% for RGLD against +20.6% for SPY. One caveat on sizing: RGLD is 2.5 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.
RGLD vs SPY: side by side
| RGLD (Royal Gold, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +53.3% | +20.6% |
| 5-year return | +156.8% | +82.4% |
| Volatility (ann.) | 35.8% | 14.5% |
| Beta vs S&P 500 | 0.64 | 1.00 |
| Max drawdown (3Y) | -38.2% | -18.8% |
| Market cap | $22.8B | – |
| P/E (trailing) | 29.5 | – |
| Dividend yield | 0.36% | 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 | RGLD | SPY |
|---|---|---|
| 2022 | +8.5% | -18.2% |
| 2023 | +8.7% | +26.2% |
| 2024 | +10.4% | +24.9% |
| 2025 | +70.4% | +17.7% |
| 2026 | +21.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RGLD and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RGLD and SPY?
The RGLD/SPY correlation stands at 0.26 on a 3-year window (1 year: 0.28, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RGLD?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 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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Hubs: RGLD correlations · SPY correlations
