RMM vs SPY: Correlation
RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RMM and SPY?
Over the past 3 years, RMM and SPY moved with a correlation of 0.41, which is moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.41 over 3. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 84.8 %².
Among the 11 assets we track against RMM, SPY sits near the bottom by co-movement, at rank #7. The trailing year gives SPY the advantage: +14.2% versus +20.6%, a 6.4-point spread.
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.
RMM vs SPY: side by side
| RMM (RiverNorth Managed Duration Municipal Income Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.2% | +20.6% |
| 5-year return | -4.9% | +82.4% |
| Volatility (ann.) | 14.3% | 14.5% |
| Beta vs S&P 500 | 0.41 | 1.00 |
| Max drawdown (3Y) | -18.8% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 74.7 | – |
| 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 | RMM | SPY |
|---|---|---|
| 2022 | -23.4% | -18.2% |
| 2023 | +5.9% | +26.2% |
| 2024 | +9.3% | +24.9% |
| 2025 | +2.1% | +17.7% |
| 2026 | +9.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RMM and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RMM and SPY?
The RMM/SPY correlation stands at 0.41 on a 3-year window (1 year: 0.45, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RMM?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: RMM correlations · SPY correlations
