RJET vs SPY: Correlation
How closely do Republic Airways Holdings Inc. (RJET) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RJET and SPY?
Over the past 3 years, RJET and SPY moved with a correlation of 0.29, which is weak. Recent behaviour matches the longer record: 0.31 over 1 year against 0.29 over 3. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 367.2 %².
Out of 12 assets tracked against RJET, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 20.1 percentage points (+0.5% for RJET against +20.6% for SPY). Risk is not evenly split, since RJET carries 6.1 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.
RJET vs SPY: side by side
| RJET (Republic Airways Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.5% | +20.6% |
| 5-year return | -84.5% | +82.4% |
| Volatility (ann.) | 89.1% | 14.5% |
| Beta vs S&P 500 | 1.76 | 1.00 |
| Max drawdown (3Y) | -70.7% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 12.2 | – |
| 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 | RJET | SPY |
|---|---|---|
| 2022 | -72.7% | -18.2% |
| 2023 | -34.0% | +26.2% |
| 2024 | +14.9% | +24.9% |
| 2025 | +5.6% | +17.7% |
| 2026 | +0.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RJET and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RJET and SPY?
As of 2026-08-27, the correlation of weekly returns between RJET and SPY is 0.29 over 3 years, 0.31 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for RJET?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
A reading of 0.29 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rjet-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rjet-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RJET correlations · SPY correlations
