INN vs SPY: Correlation
How closely do Summit Hotel Properties, Inc. (INN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INN and SPY?
Across a 3-year window, the weekly returns of INN and SPY correlate at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.02 versus 0.44 over 3 years. Stretching to 5 years gives 0.51, with an annualized covariance of 221.2 %².
By 3-year correlation, SPY places #8 of the 14 assets tracked against INN. Over the last 12 months SPY came out ahead by 6.6 percentage points (+14.0% against +20.6%). Note the risk asymmetry: INN runs 2.4 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.
INN vs SPY: side by side
| INN (Summit Hotel Properties, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.0% | +20.6% |
| 5-year return | -22.7% | +82.4% |
| Volatility (ann.) | 34.6% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -46.3% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.34% | 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 | INN | SPY |
|---|---|---|
| 2022 | -25.3% | -18.2% |
| 2023 | -3.7% | +26.2% |
| 2024 | +6.9% | +24.9% |
| 2025 | -24.5% | +17.7% |
| 2026 | +27.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INN and SPY good diversifiers for each other?
Reasonably. At 0.44, INN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between INN and SPY?
As of 2026-08-27, the correlation of weekly returns between INN and SPY is 0.44 over 3 years, 0.02 over 1 year and 0.51 over 5 years.
Is SPY a good diversifier for INN?
Reasonably. At 0.44, INN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/inn-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/inn-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INN correlations · SPY correlations
