ROK vs SPY: Correlation
How closely do Rockwell Automation (ROK) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ROK and SPY?
On 3 years of weekly data the ROK/SPY correlation comes out at 0.50, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 203.6 %².
Within ROK's tracked universe of 37 assets, SPY comes in at #21 by 3-year correlation. Over the last 12 months ROK came out ahead by 5.1 percentage points (+25.7% against +20.6%). The rolling one-year correlation moved between 0.36 and 0.79 over the past three years, a moderate range. One caveat on sizing: ROK is 1.9 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.
ROK vs SPY: side by side
| ROK (Rockwell Automation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.7% | +20.6% |
| 5-year return | +44.9% | +82.4% |
| Volatility (ann.) | 27.9% | 14.5% |
| Beta vs S&P 500 | 0.97 | 1.00 |
| Max drawdown (3Y) | -29.0% | -18.8% |
| Market cap | $48.2B | – |
| P/E (trailing) | 40.6 | – |
| Dividend yield | 1.26% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | ROK | SPY |
|---|---|---|
| 2022 | -24.8% | -18.2% |
| 2023 | +22.6% | +26.2% |
| 2024 | -6.2% | +24.9% |
| 2025 | +38.4% | +17.7% |
| 2026 | +12.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds ROK at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are ROK and SPY good diversifiers for each other?
Only partially. A correlation of 0.50 means ROK and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ROK and SPY?
As of 2026-08-27, the correlation of weekly returns between ROK and SPY is 0.50 over 3 years, 0.51 over 1 year and 0.61 over 5 years.
Is SPY a good diversifier for ROK?
Only partially. A correlation of 0.50 means ROK and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 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: ROK correlations · SPY correlations
