RSF vs SPY: Correlation
RiverNorth Capital and Income Fund (RSF) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSF and SPY?
Over the past 3 years, RSF and SPY moved with a correlation of 0.16, which is weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 12.3 %².
SPY is close to the least connected end of RSF's tracked universe, ranking #8 of 11. Over the last 12 months SPY came out ahead by 10.5 percentage points (+10.1% against +20.6%). One caveat on sizing: SPY is 2.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
RSF vs SPY: side by side
| RSF (RiverNorth Capital and Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.1% | +20.6% |
| 5-year return | +30.6% | +82.4% |
| Volatility (ann.) | 5.4% | 14.5% |
| Beta vs S&P 500 | 0.06 | 1.00 |
| Max drawdown (3Y) | -5.0% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 13.3 | – |
| Dividend yield | 0.00% | 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 | RSF | SPY |
|---|---|---|
| 2022 | -1.6% | -18.2% |
| 2023 | +3.8% | +26.2% |
| 2024 | +10.6% | +24.9% |
| 2025 | +4.6% | +17.7% |
| 2026 | +8.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSF and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
FAQ
What is the correlation between RSF and SPY?
As of 2026-08-27, the correlation of weekly returns between RSF and SPY is 0.16 over 3 years, 0.18 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for RSF?
By historical standards, yes. A correlation of 0.16 means the two rarely move for the same reasons.
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: RSF correlations · SPY correlations
