RHP vs SPY: Correlation
How closely do Ryman Hospitality Properties, Inc. (REIT) (RHP) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RHP and SPY?
Over the past 3 years, RHP and SPY moved with a correlation of 0.40, which is moderate. The past 12 months show a weaker link (0.03) than the 3-year average (0.40). Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 135.1 %².
Within RHP's tracked universe of 14 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RHP outperformed by 15.8 percentage points (+36.4% for RHP against +20.6% for SPY). Risk is not evenly split, since RHP carries 1.6 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.
RHP vs SPY: side by side
| RHP (Ryman Hospitality Properties, Inc. (REIT)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +36.4% | +20.6% |
| 5-year return | +87.5% | +82.4% |
| Volatility (ann.) | 23.4% | 14.5% |
| Beta vs S&P 500 | 0.65 | 1.00 |
| Max drawdown (3Y) | -32.1% | -18.8% |
| Market cap | $8.9B | – |
| P/E (trailing) | 31.6 | – |
| Dividend yield | 3.64% | 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 | RHP | SPY |
|---|---|---|
| 2022 | -10.7% | -18.2% |
| 2023 | +40.4% | +26.2% |
| 2024 | -1.1% | +24.9% |
| 2025 | -4.8% | +17.7% |
| 2026 | +39.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RHP and SPY good diversifiers for each other?
Reasonably. At 0.40, RHP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RHP and SPY?
As of 2026-08-27, the correlation of weekly returns between RHP and SPY is 0.40 over 3 years, 0.03 over 1 year and 0.50 over 5 years.
Is SPY a good diversifier for RHP?
Reasonably. At 0.40, RHP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: RHP correlations · SPY correlations
