SANG vs SPY: Correlation
How closely do Sangoma Technologies Corporation (SANG) 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 SANG and SPY?
On 3 years of weekly data the SANG/SPY correlation comes out at 0.26, weak. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. The 5-year figure is 0.39, and annualized covariance runs at 160.6 %².
Among the 10 assets we track against SANG, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 56.5 percentage points (-35.9% for SANG against +20.6% for SPY). Note the risk asymmetry: SANG runs 2.9 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.
SANG vs SPY: side by side
| SANG (Sangoma Technologies Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -35.9% | +20.6% |
| 5-year return | -78.8% | +82.4% |
| Volatility (ann.) | 42.3% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -55.6% | -18.8% |
| Market cap | $0.1B | – |
| 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 | SANG | SPY |
|---|---|---|
| 2022 | -71.2% | -18.2% |
| 2023 | -34.0% | +26.2% |
| 2024 | +123.1% | +24.9% |
| 2025 | -29.0% | +17.7% |
| 2026 | -25.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SANG 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 SANG and SPY?
As of 2026-08-27, the correlation of weekly returns between SANG and SPY is 0.26 over 3 years, 0.32 over 1 year and 0.39 over 5 years.
Is SPY a good diversifier for SANG?
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?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/sang-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/sang-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SANG correlations · SPY correlations
