RYAN vs SPY: Correlation
Ryan Specialty Holdings, Inc. (RYAN) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RYAN and SPY?
Across a 3-year window, the weekly returns of RYAN and SPY correlate at 0.16, weak. Recent behaviour matches the longer record: 0.21 over 1 year against 0.16 over 3. Stretching to 5 years gives 0.15, with an annualized covariance of 76.2 %².
Among the 16 assets we track against RYAN, SPY ranks #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 43.9 percentage points (-23.3% for RYAN against +20.6% for SPY). One caveat on sizing: RYAN is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
RYAN vs SPY: side by side
| RYAN (Ryan Specialty Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -23.3% | +20.6% |
| 5-year return | +36.6% | +82.4% |
| Volatility (ann.) | 33.3% | 14.5% |
| Beta vs S&P 500 | 0.36 | 1.00 |
| Max drawdown (3Y) | -60.9% | -18.8% |
| Market cap | $17.0B | – |
| P/E (trailing) | 58.8 | – |
| Dividend yield | 1.16% | 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 | RYAN | SPY |
|---|---|---|
| 2022 | +2.9% | -18.2% |
| 2023 | +3.6% | +26.2% |
| 2024 | +50.9% | +24.9% |
| 2025 | -18.9% | +17.7% |
| 2026 | -14.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RYAN and SPY good diversifiers for each other?
Yes. With a correlation of 0.16, RYAN and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between RYAN and SPY?
As of 2026-08-27, the correlation of weekly returns between RYAN and SPY is 0.16 over 3 years, 0.21 over 1 year and 0.15 over 5 years.
Is SPY a good diversifier for RYAN?
Yes. With a correlation of 0.16, RYAN and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.16 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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Hubs: RYAN correlations · SPY correlations
