RTX vs SPY: Correlation
Measured on weekly returns over the past three years, RTX Corporation (RTX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RTX and SPY?
Over the past 3 years, RTX and SPY moved with a correlation of 0.33, which is moderate. The relationship has been stable: the 1-year correlation (0.29) sits close to the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 119.1 %².
Among the 27 assets we track against RTX, SPY ranks #16 by 3-year correlation. The trailing year gives RTX the advantage: +34.7% versus +20.6%, a 14.1-point spread. This link changes with the market regime, having swung between -0.05 and 0.58 on a rolling one-year basis. Note the risk asymmetry: RTX runs 1.7 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.
RTX vs SPY: side by side
| RTX (RTX Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.7% | +20.6% |
| 5-year return | +178.4% | +82.4% |
| Volatility (ann.) | 25.1% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -19.7% | -18.8% |
| Market cap | $285.8B | – |
| P/E (trailing) | 37.3 | – |
| Dividend yield | 1.31% | 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 | RTX | SPY |
|---|---|---|
| 2022 | +20.0% | -18.2% |
| 2023 | -14.4% | +26.2% |
| 2024 | +40.8% | +24.9% |
| 2025 | +61.4% | +17.7% |
| 2026 | +16.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
RTX represents 0.43% of SPY's portfolio, so part of any move in SPY is RTX itself, and the correlation between them is partly mechanical.
Are RTX and SPY good diversifiers for each other?
Reasonably. At 0.33, RTX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between RTX and SPY?
The RTX/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.29, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RTX?
Reasonably. At 0.33, RTX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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: RTX correlations · SPY correlations
