# Does dividing the magnitude spectrum of white noise by sqrt(2) give an RMS magnitude spectrum?

I understand that the RMS Amplitude of a sinusoidal signal is around 0.707 ($$\frac1{\sqrt2}$$) times the Peak Value, but this is not true for noise.

However, an FFT of a noise signal indicates magnitude in bins at equally spaced frequencies, which means the magnitude represented in each bin, is the magnitude of a periodic signal (sinusoid).

So, I assume that multiplying the magnitude of an FFT by 0.707, should give me RMS magnitude spectrum on the Y-axis, instead of the peak value. Am I correct in assuming this, or am I missing something?