RYN vs SPY: Correlation
Rayonier Inc. REIT (RYN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RYN and SPY?
Across a 3-year window, the weekly returns of RYN and SPY correlate at 0.32, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.01 versus 0.32 over 3 years. Stretching to 5 years gives 0.46, with an annualized covariance of 119.0 %².
Among the 12 assets we track against RYN, SPY sits near the bottom by co-movement, at rank #8. The last year tells two different stories: SPY led by 33.7 percentage points, -13.1% for RYN against +20.6% for SPY. Note the risk asymmetry: RYN runs 1.8 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.
RYN vs SPY: side by side
| RYN (Rayonier Inc. REIT) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -13.1% | +20.6% |
| 5-year return | -23.3% | +82.4% |
| Volatility (ann.) | 25.6% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -31.5% | -18.8% |
| Market cap | $6.2B | – |
| P/E (trailing) | 44.8 | – |
| Dividend yield | 5.12% | 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 | RYN | SPY |
|---|---|---|
| 2022 | -15.8% | -18.2% |
| 2023 | +5.8% | +26.2% |
| 2024 | -14.0% | +24.9% |
| 2025 | -8.0% | +17.7% |
| 2026 | -2.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RYN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between RYN and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.01 over the last year and 0.46 over 5 years.
Is SPY a good diversifier for RYN?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
On the −1 to +1 scale, 0.32 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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Hubs: RYN correlations · SPY correlations
