RMCF vs SPY: Correlation
Rocky Mountain Chocolate Factory, Inc. (RMCF) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMCF and SPY?
Across a 3-year window, the weekly returns of RMCF and SPY correlate at 0.16, weak. Lately the two have moved closer together, with the 1-year correlation at 0.30 versus 0.16 over 3 years. Stretching to 5 years gives 0.12, with an annualized covariance of 161.5 %².
Among the 18 assets we track against RMCF, SPY ranks #9 by 3-year correlation. The last year tells two different stories: SPY led by 40.5 percentage points, -19.9% for RMCF against +20.6% for SPY. Note the risk asymmetry: RMCF runs 4.7 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.
RMCF vs SPY: side by side
| RMCF (Rocky Mountain Chocolate Factory, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.9% | +20.6% |
| 5-year return | -84.3% | +82.4% |
| Volatility (ann.) | 68.5% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -87.0% | -18.8% |
| Market cap | – | – |
| 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 | RMCF | SPY |
|---|---|---|
| 2022 | -27.4% | -18.2% |
| 2023 | -19.3% | +26.2% |
| 2024 | -47.2% | +24.9% |
| 2025 | -21.8% | +17.7% |
| 2026 | -38.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMCF and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between RMCF and SPY?
The RMCF/SPY correlation stands at 0.16 on a 3-year window (1 year: 0.30, 5 years: 0.12), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RMCF?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
What does a correlation of 0.16 mean?
A reading of 0.16 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: RMCF correlations · SPY correlations
