RNR vs SPY: Correlation
How closely do RenaissanceRe Holdings Ltd. (RNR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RNR and SPY?
Across a 3-year window, the weekly returns of RNR and SPY correlate at 0.06, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.06) than the 3-year average (0.06). Stretching to 5 years gives 0.16, with an annualized covariance of 18.4 %².
SPY is close to the least connected end of RNR's tracked universe, ranking #8 of 12. The last year tells two different stories: RNR led by 15.2 percentage points, +35.8% for RNR against +20.6% for SPY.
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.
RNR vs SPY: side by side
| RNR (RenaissanceRe Holdings Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.8% | +20.6% |
| 5-year return | +120.0% | +82.4% |
| Volatility (ann.) | 21.1% | 14.5% |
| Beta vs S&P 500 | 0.09 | 1.00 |
| Max drawdown (3Y) | -23.1% | -18.8% |
| Market cap | $13.7B | – |
| P/E (trailing) | 5.7 | – |
| Dividend yield | 0.49% | 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 | RNR | SPY |
|---|---|---|
| 2022 | +9.9% | -18.2% |
| 2023 | +7.2% | +26.2% |
| 2024 | +27.8% | +24.9% |
| 2025 | +13.6% | +17.7% |
| 2026 | +17.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RNR and SPY good diversifiers for each other?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between RNR and SPY?
As of 2026-08-27, the correlation of weekly returns between RNR and SPY is 0.06 over 3 years, -0.06 over 1 year and 0.16 over 5 years.
Is SPY a good diversifier for RNR?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.06 mean?
On the −1 to +1 scale, 0.06 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: RNR correlations · SPY correlations
