RYAM vs SPY: Correlation
How closely do Rayonier Advanced Materials Inc. (RYAM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RYAM and SPY?
Over the past 3 years, RYAM and SPY moved with a correlation of 0.30, which is moderate. The past 12 months show a weaker link (0.11) than the 3-year average (0.30). Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 265.2 %².
SPY is close to the least connected end of RYAM's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with RYAM ahead by 38.9 points (+59.5% versus +20.6%). Note the risk asymmetry: RYAM runs 4.2 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.
RYAM vs SPY: side by side
| RYAM (Rayonier Advanced Materials Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +59.5% | +20.6% |
| 5-year return | +22.2% | +82.4% |
| Volatility (ann.) | 60.5% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -63.7% | -18.8% |
| Market cap | $0.6B | – |
| 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 | RYAM | SPY |
|---|---|---|
| 2022 | +68.1% | -18.2% |
| 2023 | -57.8% | +26.2% |
| 2024 | +103.7% | +24.9% |
| 2025 | -28.6% | +17.7% |
| 2026 | +43.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RYAM and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RYAM and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.11 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for RYAM?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 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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Related comparisons
Hubs: RYAM correlations · SPY correlations
