RNG vs SPY: Correlation
RingCentral, Inc. (RNG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RNG and SPY?
Across a 3-year window, the weekly returns of RNG and SPY correlate at 0.43, moderate. The past 12 months show a weaker link (0.27) than the 3-year average (0.43). Stretching to 5 years gives 0.50, with an annualized covariance of 322.0 %².
Within RNG's tracked universe of 16 assets, SPY comes in at #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RNG outperformed by 103.7 percentage points (+124.3% for RNG against +20.6% for SPY). One caveat on sizing: RNG is 3.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
RNG vs SPY: side by side
| RNG (RingCentral, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +124.3% | +20.6% |
| 5-year return | -73.1% | +82.4% |
| Volatility (ann.) | 52.2% | 14.5% |
| Beta vs S&P 500 | 1.54 | 1.00 |
| Max drawdown (3Y) | -48.6% | -18.8% |
| Market cap | $5.7B | – |
| P/E (trailing) | 52.7 | – |
| Dividend yield | 0.23% | 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 | RNG | SPY |
|---|---|---|
| 2022 | -81.1% | -18.2% |
| 2023 | -4.1% | +26.2% |
| 2024 | +3.1% | +24.9% |
| 2025 | -17.5% | +17.7% |
| 2026 | +138.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RNG and SPY good diversifiers for each other?
Reasonably. At 0.43, RNG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RNG and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.27 over the last year and 0.50 over 5 years.
Is SPY a good diversifier for RNG?
Reasonably. At 0.43, RNG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 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: RNG correlations · SPY correlations
