RITM vs SPY: Correlation
Measured on weekly returns over the past three years, Rithm Capital Corp. (RITM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RITM and SPY?
Across a 3-year window, the weekly returns of RITM and SPY correlate at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.44 lands near the 3-year figure. Stretching to 5 years gives 0.60, with an annualized covariance of 140.4 %².
Among the 17 assets we track against RITM, SPY ranks #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 31.2 percentage points (-10.6% for RITM against +20.6% for SPY).
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.
RITM vs SPY: side by side
| RITM (Rithm Capital Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.6% | +20.6% |
| 5-year return | +53.6% | +82.4% |
| Volatility (ann.) | 20.9% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -27.3% | -18.8% |
| Market cap | $5.6B | – |
| P/E (trailing) | 16.7 | – |
| Dividend yield | 9.92% | 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 | RITM | SPY |
|---|---|---|
| 2022 | -14.4% | -18.2% |
| 2023 | +45.6% | +26.2% |
| 2024 | +11.1% | +24.9% |
| 2025 | +10.1% | +17.7% |
| 2026 | -3.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RITM and SPY good diversifiers for each other?
Reasonably. At 0.46, RITM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RITM and SPY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.44 over the last year and 0.60 over 5 years.
Is SPY a good diversifier for RITM?
Reasonably. At 0.46, RITM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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: RITM correlations · SPY correlations
