RSKD vs SPY: Correlation
How closely do Riskified Ltd. Class A (RSKD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RSKD and SPY?
On 3 years of weekly data the RSKD/SPY correlation comes out at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. The 5-year figure is 0.42, and annualized covariance runs at 228.7 %².
Within RSKD's tracked universe of 17 assets, SPY comes in at #6 by 3-year correlation. The trailing year gives RSKD the advantage: +31.6% versus +20.6%, a 11.0-point spread. Risk is not evenly split, since RSKD carries 2.6 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.
RSKD vs SPY: side by side
| RSKD (Riskified Ltd. Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +31.6% | +20.6% |
| 5-year return | -81.3% | +82.4% |
| Volatility (ann.) | 38.0% | 14.5% |
| Beta vs S&P 500 | 1.09 | 1.00 |
| Max drawdown (3Y) | -42.2% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| 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 | RSKD | SPY |
|---|---|---|
| 2022 | -41.2% | -18.2% |
| 2023 | +1.3% | +26.2% |
| 2024 | +1.1% | +24.9% |
| 2025 | +5.1% | +17.7% |
| 2026 | +23.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RSKD and SPY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RSKD and SPY?
The RSKD/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.39, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RSKD?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: RSKD correlations · SPY correlations
