ROP vs SPY: Correlation
Roper Technologies (ROP) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ROP and SPY?
Over the past 3 years, ROP and SPY moved with a correlation of 0.38, which is moderate. The past 12 months show a weaker link (0.11) than the 3-year average (0.38). Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 113.9 %².
Among the 47 assets we track against ROP, SPY ranks #34 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 39.9 points (-19.3% versus +20.6%). This link changes with the market regime, having swung between 0.13 and 0.73 on a rolling one-year basis.
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.
ROP vs SPY: side by side
| ROP (Roper Technologies) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.3% | +20.6% |
| 5-year return | -9.6% | +82.4% |
| Volatility (ann.) | 20.5% | 14.5% |
| Beta vs S&P 500 | 0.55 | 1.00 |
| Max drawdown (3Y) | -46.5% | -18.8% |
| Market cap | $41.8B | – |
| P/E (trailing) | 17.6 | – |
| Dividend yield | 0.86% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | ROP | SPY |
|---|---|---|
| 2022 | -11.6% | -18.2% |
| 2023 | +26.9% | +26.2% |
| 2024 | -4.1% | +24.9% |
| 2025 | -13.8% | +17.7% |
| 2026 | -4.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ROP represents 0.06% of SPY's portfolio, so part of any move in SPY is ROP itself, and the correlation between them is partly mechanical.
Are ROP and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ROP and SPY?
The ROP/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.11, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ROP?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/rop-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rop-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ROP correlations · SPY correlations
