RNXT vs SPY: Correlation
How closely do RenovoRx, Inc. (RNXT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.15, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RNXT and SPY?
Across a 3-year window, the weekly returns of RNXT and SPY correlate at 0.15, weak. The relationship has been stable: the 1-year correlation (0.21) sits close to the 3-year figure. Stretching to 5 years gives 0.19, with an annualized covariance of 259.3 %².
Out of 10 assets tracked against RNXT, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with RNXT ahead by 39.4 points (+60.0% versus +20.6%). Note the risk asymmetry: RNXT runs 8.0 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.
RNXT vs SPY: side by side
| RNXT (RenovoRx, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +60.0% | +20.6% |
| 5-year return | -90.8% | +82.4% |
| Volatility (ann.) | 116.0% | 14.5% |
| Beta vs S&P 500 | 1.24 | 1.00 |
| Max drawdown (3Y) | -68.0% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| 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 | RNXT | SPY |
|---|---|---|
| 2022 | -51.4% | -18.2% |
| 2023 | -2.6% | +26.2% |
| 2024 | -43.7% | +24.9% |
| 2025 | -34.9% | +17.7% |
| 2026 | +76.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RNXT and SPY good diversifiers for each other?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between RNXT and SPY?
As of 2026-08-27, the correlation of weekly returns between RNXT and SPY is 0.15 over 3 years, 0.21 over 1 year and 0.19 over 5 years.
Is SPY a good diversifier for RNXT?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.15 mean?
A reading of 0.15 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: RNXT correlations · SPY correlations
