RJF vs SPY: Correlation
How closely do Raymond James Financial (RJF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RJF and SPY?
On 3 years of weekly data the RJF/SPY correlation comes out at 0.60, strong. The link has loosened recently: the 1-year correlation (0.39) runs below the 3-year figure (0.60). The 5-year figure is 0.63, and annualized covariance runs at 214.6 %².
By 3-year correlation, SPY places #17 of the 29 assets tracked against RJF. On 12-month performance SPY holds a 14.3-point edge, +6.3% against +20.6%. Across three years, the rolling one-year figure varied moderately, from 0.35 to 0.78. One caveat on sizing: RJF 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.
RJF vs SPY: side by side
| RJF (Raymond James Financial) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.3% | +20.6% |
| 5-year return | +102.1% | +82.4% |
| Volatility (ann.) | 24.8% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -28.1% | -18.8% |
| Market cap | $33.8B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 1.20% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | RJF | SPY |
|---|---|---|
| 2022 | +8.3% | -18.2% |
| 2023 | +6.1% | +26.2% |
| 2024 | +40.8% | +24.9% |
| 2025 | +4.7% | +17.7% |
| 2026 | +10.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RJF and SPY good diversifiers for each other?
Only partially. A correlation of 0.60 means RJF and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between RJF and SPY?
As of 2026-08-27, the correlation of weekly returns between RJF and SPY is 0.60 over 3 years, 0.39 over 1 year and 0.63 over 5 years.
Is SPY a good diversifier for RJF?
Only partially. A correlation of 0.60 means RJF and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 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: RJF correlations · SPY correlations
