SAN vs SPY: Correlation
How closely do Banco Santander, S.A. Sponsored ADR (Spain) (SAN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAN and SPY?
On 3 years of weekly data the SAN/SPY correlation comes out at 0.50, moderate. The link has tightened recently: the 1-year correlation (0.62) runs above the 3-year figure (0.50). The 5-year figure is 0.51, and annualized covariance runs at 210.9 %².
Among the 11 assets we track against SAN, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with SAN ahead by 36.6 points (+57.2% versus +20.6%). Risk is not evenly split, since SAN carries 2.0 times the volatility of the other side.
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.
SAN vs SPY: side by side
| SAN (Banco Santander, S.A. Sponsored ADR (Spain)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.2% | +20.6% |
| 5-year return | +366.8% | +82.4% |
| Volatility (ann.) | 29.2% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -20.3% | -18.8% |
| Market cap | $211.5B | – |
| P/E (trailing) | 14.1 | – |
| Dividend yield | 0.85% | 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 | SAN | SPY |
|---|---|---|
| 2022 | -6.6% | -18.2% |
| 2023 | +46.2% | +26.2% |
| 2024 | +15.1% | +24.9% |
| 2025 | +161.6% | +17.7% |
| 2026 | +25.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAN and SPY good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SAN and SPY?
The SAN/SPY correlation stands at 0.50 on a 3-year window (1 year: 0.62, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SAN?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
A reading of 0.50 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: SAN correlations · SPY correlations
