RH vs SPY: Correlation
RH (RH) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RH and SPY?
Over the past 3 years, RH and SPY moved with a correlation of 0.56, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.34 versus 0.56 over 3 years. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 543.5 %².
By 3-year correlation, SPY places #9 of the 16 assets tracked against RH. Correlation aside, the last 12 months split them widely, with SPY ahead by 57.1 points (-36.5% versus +20.6%). One caveat on sizing: RH is 4.6 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.
RH vs SPY: side by side
| RH (RH) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -36.5% | +20.6% |
| 5-year return | -79.8% | +82.4% |
| Volatility (ann.) | 67.4% | 14.5% |
| Beta vs S&P 500 | 2.60 | 1.00 |
| Max drawdown (3Y) | -75.2% | -18.8% |
| Market cap | $2.7B | – |
| P/E (trailing) | 28.7 | – |
| 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 | RH | SPY |
|---|---|---|
| 2022 | -50.1% | -18.2% |
| 2023 | +9.1% | +26.2% |
| 2024 | +35.0% | +24.9% |
| 2025 | -54.5% | +17.7% |
| 2026 | -19.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RH and SPY good diversifiers for each other?
Only partially. A correlation of 0.56 means RH and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between RH and SPY?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.34 over the last year and 0.59 over 5 years.
Is SPY a good diversifier for RH?
Only partially. A correlation of 0.56 means RH and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 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: RH correlations · SPY correlations
