SAH vs SPY: Correlation
Measured on weekly returns over the past three years, Sonic Automotive, Inc. (SAH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAH and SPY?
Over the past 3 years, SAH and SPY moved with a correlation of 0.33, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.11 versus 0.33 over 3 years. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 190.4 %².
Out of 11 assets tracked against SAH, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 24.8 percentage points (-4.2% for SAH against +20.6% for SPY). One caveat on sizing: SAH is 2.8 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.
SAH vs SPY: side by side
| SAH (Sonic Automotive, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -4.2% | +20.6% |
| 5-year return | +73.6% | +82.4% |
| Volatility (ann.) | 40.3% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -33.6% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 12.4 | – |
| Dividend yield | 1.99% | 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 | SAH | SPY |
|---|---|---|
| 2022 | +1.9% | -18.2% |
| 2023 | +16.7% | +26.2% |
| 2024 | +15.2% | +24.9% |
| 2025 | -0.3% | +17.7% |
| 2026 | +29.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAH and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SAH and SPY?
As of 2026-08-27, the correlation of weekly returns between SAH and SPY is 0.33 over 3 years, 0.11 over 1 year and 0.37 over 5 years.
Is SPY a good diversifier for SAH?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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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Related comparisons
Hubs: SAH correlations · SPY correlations
