RIG vs SPY: Correlation
How closely do Transocean Ltd (Switzerland) (RIG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RIG and SPY?
Over the past 3 years, RIG and SPY moved with a correlation of 0.26, which is weak. The link has loosened recently: the 1-year correlation (-0.02) runs below the 3-year figure (0.26). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 194.6 %².
Out of 14 assets tracked against RIG, SPY lands near the bottom at #10. Their recent paths diverged sharply: over the last 12 months RIG outperformed by 60.5 percentage points (+81.1% for RIG against +20.6% for SPY). One caveat on sizing: RIG is 3.6 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.
RIG vs SPY: side by side
| RIG (Transocean Ltd (Switzerland)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +81.1% | +20.6% |
| 5-year return | +61.7% | +82.4% |
| Volatility (ann.) | 51.9% | 14.5% |
| Beta vs S&P 500 | 0.93 | 1.00 |
| Max drawdown (3Y) | -75.5% | -18.8% |
| Market cap | $6.4B | – |
| P/E (trailing) | – | – |
| 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 | RIG | SPY |
|---|---|---|
| 2022 | +65.2% | -18.2% |
| 2023 | +39.3% | +26.2% |
| 2024 | -40.9% | +24.9% |
| 2025 | +10.1% | +17.7% |
| 2026 | +39.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RIG 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 RIG and SPY?
As of 2026-08-27, the correlation of weekly returns between RIG and SPY is 0.26 over 3 years, -0.02 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for RIG?
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?
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: RIG correlations · SPY correlations
