RPAY vs SPY: Correlation
Repay Holdings Corporation (RPAY) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RPAY and SPY?
Over the past 3 years, RPAY and SPY moved with a correlation of 0.37, which is moderate. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 285.6 %².
SPY is close to the least connected end of RPAY's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with SPY ahead by 56.3 points (-35.7% versus +20.6%). Risk is not evenly split, since RPAY carries 3.7 times the volatility of the other side.
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.
RPAY vs SPY: side by side
| RPAY (Repay Holdings Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -35.7% | +20.6% |
| 5-year return | -83.6% | +82.4% |
| Volatility (ann.) | 54.1% | 14.5% |
| Beta vs S&P 500 | 1.37 | 1.00 |
| Max drawdown (3Y) | -78.3% | -18.8% |
| Market cap | $0.3B | – |
| 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 | RPAY | SPY |
|---|---|---|
| 2022 | -55.9% | -18.2% |
| 2023 | +6.1% | +26.2% |
| 2024 | -10.7% | +24.9% |
| 2025 | -52.2% | +17.7% |
| 2026 | +3.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RPAY and SPY good diversifiers for each other?
Reasonably. At 0.37, RPAY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RPAY and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.37 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for RPAY?
Reasonably. At 0.37, RPAY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 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: RPAY correlations · SPY correlations
