RNGR vs SPY: Correlation
Measured on weekly returns over the past three years, Ranger Energy Services, Inc. (RNGR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RNGR and SPY?
On 3 years of weekly data the RNGR/SPY correlation comes out at 0.19, weak. Lately the two have drifted apart, with the 1-year correlation at 0.04 versus 0.19 over 3 years. The 5-year figure is 0.13, and annualized covariance runs at 103.3 %².
Among the 13 assets we track against RNGR, SPY sits near the bottom by co-movement, at rank #9. Neither side won the trailing year by much: +19.0% against +20.6%. Note the risk asymmetry: RNGR runs 2.6 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.
RNGR vs SPY: side by side
| RNGR (Ranger Energy Services, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.0% | +20.6% |
| 5-year return | +129.0% | +82.4% |
| Volatility (ann.) | 37.1% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -40.5% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 26.4 | – |
| Dividend yield | 1.52% | 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 | RNGR | SPY |
|---|---|---|
| 2022 | +7.2% | -18.2% |
| 2023 | -6.3% | +26.2% |
| 2024 | +53.9% | +24.9% |
| 2025 | -7.9% | +17.7% |
| 2026 | +18.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RNGR and SPY good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between RNGR and SPY?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.04 over the last year and 0.13 over 5 years.
Is SPY a good diversifier for RNGR?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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: RNGR correlations · SPY correlations
