RRX vs SPY: Correlation
How closely do Regal Rexnord Corporation (RRX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RRX and SPY?
On 3 years of weekly data the RRX/SPY correlation comes out at 0.38, moderate. The past 12 months show a weaker link (0.17) than the 3-year average (0.38). The 5-year figure is 0.46, and annualized covariance runs at 229.9 %².
By 3-year correlation, SPY places #18 of the 24 assets tracked against RRX. Over the last 12 months SPY came out ahead by 12.4 percentage points (+8.2% against +20.6%). Note the risk asymmetry: RRX runs 2.9 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.
RRX vs SPY: side by side
| RRX (Regal Rexnord Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.2% | +20.6% |
| 5-year return | +18.1% | +82.4% |
| Volatility (ann.) | 42.0% | 14.5% |
| Beta vs S&P 500 | 1.10 | 1.00 |
| Max drawdown (3Y) | -48.1% | -18.8% |
| Market cap | $10.9B | – |
| P/E (trailing) | 34.0 | – |
| Dividend yield | 0.85% | 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 | RRX | SPY |
|---|---|---|
| 2022 | -28.7% | -18.2% |
| 2023 | +24.6% | +26.2% |
| 2024 | +5.7% | +24.9% |
| 2025 | -8.6% | +17.7% |
| 2026 | +17.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RRX and SPY good diversifiers for each other?
Reasonably. At 0.38, RRX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RRX and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.17 over the last year and 0.46 over 5 years.
Is SPY a good diversifier for RRX?
Reasonably. At 0.38, RRX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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: RRX correlations · SPY correlations
