RMD vs SPY: Correlation
ResMed (RMD) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMD and SPY?
Across a 3-year window, the weekly returns of RMD and SPY correlate at 0.37, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.10 versus 0.37 over 3 years. Stretching to 5 years gives 0.47, with an annualized covariance of 165.8 %².
Within RMD's tracked universe of 29 assets, SPY comes in at #17 by 3-year correlation. The last year tells two different stories: SPY led by 36.1 percentage points, -15.5% for RMD against +20.6% for SPY. This link changes with the market regime, having swung between 0.11 and 0.62 on a rolling one-year basis. Note the risk asymmetry: RMD runs 2.2 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.
RMD vs SPY: side by side
| RMD (ResMed) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.5% | +20.6% |
| 5-year return | -14.6% | +82.4% |
| Volatility (ann.) | 31.2% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -37.3% | -18.8% |
| Market cap | $34.0B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 1.02% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | RMD | SPY |
|---|---|---|
| 2022 | -19.5% | -18.2% |
| 2023 | -16.5% | +26.2% |
| 2024 | +34.2% | +24.9% |
| 2025 | +6.3% | +17.7% |
| 2026 | -1.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
RMD represents 0.05% of SPY's portfolio, so part of any move in SPY is RMD itself, and the correlation between them is partly mechanical.
Are RMD and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RMD and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.10 over the last year and 0.47 over 5 years.
Is SPY a good diversifier for RMD?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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: RMD correlations · SPY correlations
