RRBI vs SPY: Correlation
Measured on weekly returns over the past three years, Red River Bancshares, Inc. (RRBI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RRBI and SPY?
Over the past 3 years, RRBI and SPY moved with a correlation of 0.38, which is moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.38). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 130.0 %².
Among the 10 assets we track against RRBI, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with RRBI ahead by 34.2 points (+54.8% versus +20.6%). Risk is not evenly split, since RRBI carries 1.6 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.
RRBI vs SPY: side by side
| RRBI (Red River Bancshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +54.8% | +20.6% |
| 5-year return | +108.4% | +82.4% |
| Volatility (ann.) | 23.7% | 14.5% |
| Beta vs S&P 500 | 0.62 | 1.00 |
| Max drawdown (3Y) | -23.0% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 14.5 | – |
| Dividend yield | 0.79% | 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 | RRBI | SPY |
|---|---|---|
| 2022 | -4.0% | -18.2% |
| 2023 | +10.6% | +26.2% |
| 2024 | -3.1% | +24.9% |
| 2025 | +33.5% | +17.7% |
| 2026 | +42.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RRBI and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RRBI and SPY?
As of 2026-08-27, the correlation of weekly returns between RRBI and SPY is 0.38 over 3 years, 0.17 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for RRBI?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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: RRBI correlations · SPY correlations
