RXT vs SPY: Correlation
Rackspace Technology, Inc. (RXT) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RXT and SPY?
Across a 3-year window, the weekly returns of RXT and SPY correlate at 0.21, weak. Little has changed lately, as the 1-year reading of 0.29 lands near the 3-year figure. Stretching to 5 years gives 0.24, with an annualized covariance of 697.2 %².
By 3-year correlation, SPY places #12 of the 18 assets tracked against RXT. Correlation aside, the last 12 months split them widely, with RXT ahead by 158.7 points (+179.3% versus +20.6%). Note the risk asymmetry: RXT runs 15.9 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.
RXT vs SPY: side by side
| RXT (Rackspace Technology, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +179.3% | +20.6% |
| 5-year return | -75.7% | +82.4% |
| Volatility (ann.) | 230.1% | 14.5% |
| Beta vs S&P 500 | 3.34 | 1.00 |
| Max drawdown (3Y) | -86.5% | -18.8% |
| Market cap | $0.9B | – |
| 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 | RXT | SPY |
|---|---|---|
| 2022 | -78.1% | -18.2% |
| 2023 | -32.2% | +26.2% |
| 2024 | +10.5% | +24.9% |
| 2025 | -56.1% | +17.7% |
| 2026 | +248.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RXT and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between RXT and SPY?
The RXT/SPY correlation stands at 0.21 on a 3-year window (1 year: 0.29, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for RXT?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
A reading of 0.21 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: RXT correlations · SPY correlations
