SAIH vs SPY: Correlation
How closely do SAIHEAT Limited - Class A (SAIH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.26, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAIH and SPY?
Across a 3-year window, the weekly returns of SAIH and SPY correlate at 0.26, weak. The relationship has been stable: the 1-year correlation (0.28) sits close to the 3-year figure. Stretching to 5 years gives 0.13, with an annualized covariance of 417.0 %².
SPY is close to the least connected end of SAIH's tracked universe, ranking #7 of 11. Their recent paths diverged sharply: over the last 12 months SAIH outperformed by 265.9 percentage points (+286.5% for SAIH against +20.6% for SPY). One caveat on sizing: SAIH is 7.8 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.
SAIH vs SPY: side by side
| SAIH (SAIHEAT Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +286.5% | +20.6% |
| 5-year return | -83.7% | +82.4% |
| Volatility (ann.) | 112.8% | 14.5% |
| Beta vs S&P 500 | 2.00 | 1.00 |
| Max drawdown (3Y) | -85.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | SAIH | SPY |
|---|---|---|
| 2022 | -79.6% | -18.2% |
| 2023 | -40.8% | +26.2% |
| 2024 | -35.3% | +24.9% |
| 2025 | -20.3% | +17.7% |
| 2026 | +158.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAIH and SPY good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SAIH and SPY?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.28 over the last year and 0.13 over 5 years.
Is SPY a good diversifier for SAIH?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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: SAIH correlations · SPY correlations
