RSG vs SPY: Correlation
How closely do Republic Services (RSG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.16, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSG and SPY?
Across a 3-year window, the weekly returns of RSG and SPY correlate at 0.16, weak. The past 12 months show a weaker link (-0.31) than the 3-year average (0.16). Stretching to 5 years gives 0.36, with an annualized covariance of 36.5 %².
Among the 38 assets we track against RSG, SPY ranks #23 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 26.2 points (-5.6% versus +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.30 to 0.50.
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.
RSG vs SPY: side by side
| RSG (Republic Services) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.6% | +20.6% |
| 5-year return | +87.9% | +82.4% |
| Volatility (ann.) | 16.2% | 14.5% |
| Beta vs S&P 500 | 0.17 | 1.00 |
| Max drawdown (3Y) | -22.5% | -18.8% |
| Market cap | $67.1B | – |
| P/E (trailing) | 31.0 | – |
| Dividend yield | 1.13% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | RSG | SPY |
|---|---|---|
| 2022 | -6.2% | -18.2% |
| 2023 | +29.6% | +26.2% |
| 2024 | +23.0% | +24.9% |
| 2025 | +6.4% | +17.7% |
| 2026 | +4.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
RSG represents 0.07% of SPY's portfolio, so part of any move in SPY is RSG itself, and the correlation between them is partly mechanical.
Are RSG and SPY good diversifiers for each other?
Yes. With a correlation of 0.16, RSG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between RSG and SPY?
As of 2026-08-27, the correlation of weekly returns between RSG and SPY is 0.16 over 3 years, -0.31 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for RSG?
Yes. With a correlation of 0.16, RSG and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.16 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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Hubs: RSG correlations · SPY correlations
