RGP vs SPY: Correlation
Measured on weekly returns over the past three years, Resources Connection, Inc. (RGP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RGP and SPY?
Across a 3-year window, the weekly returns of RGP and SPY correlate at 0.45, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.45 over 3 years. Stretching to 5 years gives 0.43, with an annualized covariance of 250.3 %².
Among the 12 assets we track against RGP, SPY ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 30.7 points (-10.1% versus +20.6%). Risk is not evenly split, since RGP carries 2.6 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.
RGP vs SPY: side by side
| RGP (Resources Connection, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.1% | +20.6% |
| 5-year return | -66.0% | +82.4% |
| Volatility (ann.) | 38.4% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -74.7% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.67% | 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 | RGP | SPY |
|---|---|---|
| 2022 | +6.3% | -18.2% |
| 2023 | -20.1% | +26.2% |
| 2024 | -36.5% | +24.9% |
| 2025 | -37.3% | +17.7% |
| 2026 | -12.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RGP and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RGP and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.29 over the last year and 0.43 over 5 years.
Is SPY a good diversifier for RGP?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
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: RGP correlations · SPY correlations
