RKLB vs SPY: Correlation
Measured on weekly returns over the past three years, Rocket Lab Corporation (RKLB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RKLB and SPY?
Across a 3-year window, the weekly returns of RKLB and SPY correlate at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.51 lands near the 3-year figure. Stretching to 5 years gives 0.45, with an annualized covariance of 539.0 %².
Among the 22 assets we track against RKLB, SPY ranks #12 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RKLB outperformed by 25.4 percentage points (+46.0% for RKLB against +20.6% for SPY). Note the risk asymmetry: RKLB runs 5.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
RKLB vs SPY: side by side
| RKLB (Rocket Lab Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +46.0% | +20.6% |
| 5-year return | +573.3% | +82.4% |
| Volatility (ann.) | 85.6% | 14.5% |
| Beta vs S&P 500 | 2.58 | 1.00 |
| Max drawdown (3Y) | -61.0% | -18.8% |
| Market cap | $43.2B | – |
| 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 | RKLB | SPY |
|---|---|---|
| 2022 | -69.3% | -18.2% |
| 2023 | +46.7% | +26.2% |
| 2024 | +360.6% | +24.9% |
| 2025 | +173.9% | +17.7% |
| 2026 | -3.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RKLB and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RKLB and SPY?
The RKLB/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.51, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RKLB?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
A reading of 0.44 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/rklb-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rklb-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RKLB correlations · SPY correlations
