RNW vs SPY: Correlation
ReNew Energy Global plc - Class A Shares (RNW) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RNW and SPY?
On 3 years of weekly data the RNW/SPY correlation comes out at 0.22, weak. The relationship has been stable: the 1-year correlation (0.22) sits close to the 3-year figure. The 5-year figure is 0.30, and annualized covariance runs at 110.9 %².
Out of 10 assets tracked against RNW, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 32.1 points (-11.5% versus +20.6%). Note the risk asymmetry: RNW runs 2.4 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.
RNW vs SPY: side by side
| RNW (ReNew Energy Global plc - Class A Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -11.5% | +20.6% |
| 5-year return | -26.6% | +82.4% |
| Volatility (ann.) | 35.5% | 14.5% |
| Beta vs S&P 500 | 0.53 | 1.00 |
| Max drawdown (3Y) | -45.1% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 22.0 | – |
| 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 | RNW | SPY |
|---|---|---|
| 2022 | -29.3% | -18.2% |
| 2023 | +39.3% | +26.2% |
| 2024 | -10.8% | +24.9% |
| 2025 | -17.3% | +17.7% |
| 2026 | +20.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RNW and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RNW and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.22 over the last year and 0.30 over 5 years.
Is SPY a good diversifier for RNW?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 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: RNW correlations · SPY correlations
