RPRX vs SPY: Correlation
How closely do Royalty Pharma plc - Class A (RPRX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.16, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RPRX and SPY?
Across a 3-year window, the weekly returns of RPRX and SPY correlate at 0.16, weak. The link has loosened recently: the 1-year correlation (0.05) runs below the 3-year figure (0.16). Stretching to 5 years gives 0.32, with an annualized covariance of 49.9 %².
SPY is close to the least connected end of RPRX's tracked universe, ranking #6 of 10. The last year tells two different stories: RPRX led by 54.4 percentage points, +75.0% for RPRX against +20.6% for SPY.
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.
RPRX vs SPY: side by side
| RPRX (Royalty Pharma plc - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +75.0% | +20.6% |
| 5-year return | +78.4% | +82.4% |
| Volatility (ann.) | 21.2% | 14.5% |
| Beta vs S&P 500 | 0.24 | 1.00 |
| Max drawdown (3Y) | -20.7% | -18.8% |
| Market cap | $35.8B | – |
| P/E (trailing) | 33.3 | – |
| Dividend yield | 1.47% | 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 | RPRX | SPY |
|---|---|---|
| 2022 | +1.0% | -18.2% |
| 2023 | -27.1% | +26.2% |
| 2024 | -6.4% | +24.9% |
| 2025 | +55.3% | +17.7% |
| 2026 | +62.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RPRX and SPY good diversifiers for each other?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between RPRX and SPY?
Using weekly returns as of 2026-08-27: 0.16 over 3 years, with 0.05 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for RPRX?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.16 mean?
On the −1 to +1 scale, 0.16 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: RPRX correlations · SPY correlations
