RLI vs SPY: Correlation
How closely do RLI Corp. (RLI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RLI and SPY?
Over the past 3 years, RLI and SPY moved with a correlation of 0.12, which is weak. The past 12 months show a weaker link (-0.06) than the 3-year average (0.12). Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 36.9 %².
Among the 29 assets we track against RLI, SPY ranks #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 18.7 percentage points (+1.9% for RLI against +20.6% for SPY). Risk is not evenly split, since RLI carries 1.5 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.
RLI vs SPY: side by side
| RLI (RLI Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.9% | +20.6% |
| 5-year return | +46.7% | +82.4% |
| Volatility (ann.) | 22.2% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -43.5% | -18.8% |
| Market cap | $5.9B | – |
| P/E (trailing) | 13.5 | – |
| Dividend yield | 1.02% | 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 | RLI | SPY |
|---|---|---|
| 2022 | +24.8% | -18.2% |
| 2023 | +3.8% | +26.2% |
| 2024 | +27.6% | +24.9% |
| 2025 | -19.1% | +17.7% |
| 2026 | +5.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RLI and SPY good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between RLI and SPY?
The RLI/SPY correlation stands at 0.12 on a 3-year window (1 year: -0.06, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RLI?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 mean?
A reading of 0.12 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/rli-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rli-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: RLI correlations · SPY correlations
