SAFE vs SPY: Correlation
Safehold Inc. New (SAFE) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAFE and SPY?
Over the past 3 years, SAFE and SPY moved with a correlation of 0.26, which is weak. Little has changed lately, as the 1-year reading of 0.29 lands near the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 137.4 %².
SPY is close to the least connected end of SAFE's tracked universe, ranking #9 of 13. The last year tells two different stories: SPY led by 20.7 percentage points, -0.1% for SAFE against +20.6% for SPY. One caveat on sizing: SAFE is 2.5 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.
SAFE vs SPY: side by side
| SAFE (Safehold Inc. New) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.1% | +20.6% |
| 5-year return | -85.5% | +82.4% |
| Volatility (ann.) | 36.8% | 14.5% |
| Beta vs S&P 500 | 0.66 | 1.00 |
| Max drawdown (3Y) | -51.9% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 9.5 | – |
| Dividend yield | 4.61% | 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 | SAFE | SPY |
|---|---|---|
| 2022 | -61.0% | -18.2% |
| 2023 | -48.4% | +26.2% |
| 2024 | -18.2% | +24.9% |
| 2025 | -22.5% | +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 SAFE and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SAFE and SPY?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.29 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for SAFE?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SAFE correlations · SPY correlations
