RPT vs SPY: Correlation
How closely do Rithm Property Trust Inc. (RPT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RPT and SPY?
Across a 3-year window, the weekly returns of RPT and SPY correlate at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.36) sits close to the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 200.1 %².
Among the 13 assets we track against RPT, SPY ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 27.7 points (-7.1% versus +20.6%). Note the risk asymmetry: RPT runs 2.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
RPT vs SPY: side by side
| RPT (Rithm Property Trust Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.1% | +20.6% |
| 5-year return | -69.9% | +82.4% |
| Volatility (ann.) | 40.9% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -64.6% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 10.99% | 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 | RPT | SPY |
|---|---|---|
| 2022 | -35.2% | -18.2% |
| 2023 | -9.5% | +26.2% |
| 2024 | -39.4% | +24.9% |
| 2025 | +1.5% | +17.7% |
| 2026 | -15.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RPT and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RPT and SPY?
The RPT/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.36, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RPT?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 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: RPT correlations · SPY correlations
