RPID vs SPY: Correlation
Rapid Micro Biosystems, Inc. (RPID) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RPID and SPY?
On 3 years of weekly data the RPID/SPY correlation comes out at 0.15, weak. The relationship has been stable: the 1-year correlation (0.15) sits close to the 3-year figure. The 5-year figure is 0.25, and annualized covariance runs at 184.1 %².
SPY is close to the least connected end of RPID's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with SPY ahead by 57.7 points (-37.1% versus +20.6%). One caveat on sizing: RPID is 5.9 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.
RPID vs SPY: side by side
| RPID (Rapid Micro Biosystems, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -37.1% | +20.6% |
| 5-year return | -92.2% | +82.4% |
| Volatility (ann.) | 85.8% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -66.9% | -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 | RPID | SPY |
|---|---|---|
| 2022 | -89.4% | -18.2% |
| 2023 | -34.5% | +26.2% |
| 2024 | +21.6% | +24.9% |
| 2025 | +222.2% | +17.7% |
| 2026 | -44.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RPID 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 RPID and SPY?
The RPID/SPY correlation stands at 0.15 on a 3-year window (1 year: 0.15, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RPID?
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?
On the −1 to +1 scale, 0.15 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: RPID correlations · SPY correlations
