RIO vs SPY: Correlation
Measured on weekly returns over the past three years, Rio Tinto Plc (RIO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RIO and SPY?
On 3 years of weekly data the RIO/SPY correlation comes out at 0.41, moderate. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 147.1 %².
Within RIO's tracked universe of 19 assets, SPY comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RIO outperformed by 56.6 percentage points (+77.2% for RIO against +20.6% for SPY). One caveat on sizing: RIO is 1.7 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.
RIO vs SPY: side by side
| RIO (Rio Tinto Plc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +77.2% | +20.6% |
| 5-year return | +94.8% | +82.4% |
| Volatility (ann.) | 25.1% | 14.5% |
| Beta vs S&P 500 | 0.70 | 1.00 |
| Max drawdown (3Y) | -24.2% | -18.8% |
| Market cap | $170.4B | – |
| P/E (trailing) | 14.2 | – |
| Dividend yield | 4.44% | 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 | RIO | SPY |
|---|---|---|
| 2022 | +18.5% | -18.2% |
| 2023 | +11.1% | +26.2% |
| 2024 | -15.4% | +24.9% |
| 2025 | +44.5% | +17.7% |
| 2026 | +37.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RIO and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RIO and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.37 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for RIO?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rio-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rio-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RIO correlations · SPY correlations
