RQI vs SPY: Correlation
How closely do Cohen & Steers Quality Income Realty Fund Inc (RQI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RQI and SPY?
Over the past 3 years, RQI and SPY moved with a correlation of 0.51, which is moderate. The link has loosened recently: the 1-year correlation (0.38) runs below the 3-year figure (0.51). Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 160.7 %².
By 3-year correlation, SPY places #36 of the 48 assets tracked against RQI. Over the last 12 months SPY came out ahead by 12.0 percentage points (+8.6% against +20.6%).
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.
RQI vs SPY: side by side
| RQI (Cohen & Steers Quality Income Realty Fund Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.6% | +20.6% |
| 5-year return | +16.3% | +82.4% |
| Volatility (ann.) | 21.6% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -21.0% | -18.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | 35.2 | – |
| Dividend yield | 7.74% | 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 | RQI | SPY |
|---|---|---|
| 2022 | -31.1% | -18.2% |
| 2023 | +15.7% | +26.2% |
| 2024 | +8.0% | +24.9% |
| 2025 | +2.1% | +17.7% |
| 2026 | +14.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RQI and SPY good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between RQI and SPY?
As of 2026-08-27, the correlation of weekly returns between RQI and SPY is 0.51 over 3 years, 0.38 over 1 year and 0.66 over 5 years.
Is SPY a good diversifier for RQI?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 mean?
On the −1 to +1 scale, 0.51 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: RQI correlations · SPY correlations
