RVT vs SPY: Correlation
Royce Small-Cap Trust, Inc. (RVT) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RVT and SPY?
Over the past 3 years, RVT and SPY moved with a correlation of 0.75, which is strong. The link has loosened recently: the 1-year correlation (0.63) runs below the 3-year figure (0.75). Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 207.3 %².
By 3-year correlation, SPY places #8 of the 116 assets tracked against RVT. On 12-month performance RVT holds a 6.8-point edge, +27.4% against +20.6%.
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.
RVT vs SPY: side by side
| RVT (Royce Small-Cap Trust, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.4% | +20.6% |
| 5-year return | +53.9% | +82.4% |
| Volatility (ann.) | 19.1% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -23.5% | -18.8% |
| Market cap | $2.3B | – |
| P/E (trailing) | 6.5 | – |
| 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 | RVT | SPY |
|---|---|---|
| 2022 | -26.3% | -18.2% |
| 2023 | +18.8% | +26.2% |
| 2024 | +17.9% | +24.9% |
| 2025 | +11.5% | +17.7% |
| 2026 | +21.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RVT and SPY good diversifiers for each other?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between RVT and SPY?
The RVT/SPY correlation stands at 0.75 on a 3-year window (1 year: 0.63, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RVT?
Somewhat, no more. With 0.75 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 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: RVT correlations · SPY correlations
