RHI vs SPY: Correlation
Robert Half Inc. (RHI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RHI and SPY?
On 3 years of weekly data the RHI/SPY correlation comes out at 0.33, moderate. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.33). The 5-year figure is 0.42, and annualized covariance runs at 199.3 %².
SPY is close to the least connected end of RHI's tracked universe, ranking #6 of 10. The trailing year gives RHI the advantage: +32.5% versus +20.6%, a 11.9-point spread. One caveat on sizing: RHI is 2.8 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.
RHI vs SPY: side by side
| RHI (Robert Half Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.5% | +20.6% |
| 5-year return | -47.2% | +82.4% |
| Volatility (ann.) | 41.2% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -72.2% | -18.8% |
| Market cap | $4.6B | – |
| P/E (trailing) | 38.8 | – |
| Dividend yield | 5.30% | 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 | RHI | SPY |
|---|---|---|
| 2022 | -32.5% | -18.2% |
| 2023 | +22.1% | +26.2% |
| 2024 | -17.4% | +24.9% |
| 2025 | -59.1% | +17.7% |
| 2026 | +75.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RHI and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RHI and SPY?
As of 2026-08-27, the correlation of weekly returns between RHI and SPY is 0.33 over 3 years, 0.12 over 1 year and 0.42 over 5 years.
Is SPY a good diversifier for RHI?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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: RHI correlations · SPY correlations
