SANM vs SPY: Correlation
How closely do Sanmina Corporation (SANM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SANM and SPY?
Over the past 3 years, SANM and SPY moved with a correlation of 0.41, which is moderate. The link has loosened recently: the 1-year correlation (0.27) runs below the 3-year figure (0.41). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 279.3 %².
Out of 10 assets tracked against SANM, SPY lands near the bottom at #7. The last year tells two different stories: SANM led by 53.3 percentage points, +73.9% for SANM against +20.6% for SPY. Note the risk asymmetry: SANM runs 3.2 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.
SANM vs SPY: side by side
| SANM (Sanmina Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +73.9% | +20.6% |
| 5-year return | +410.5% | +82.4% |
| Volatility (ann.) | 46.6% | 14.5% |
| Beta vs S&P 500 | 1.34 | 1.00 |
| Max drawdown (3Y) | -42.0% | -18.8% |
| Market cap | $10.9B | – |
| P/E (trailing) | 35.6 | – |
| 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 | SANM | SPY |
|---|---|---|
| 2022 | +38.2% | -18.2% |
| 2023 | -10.3% | +26.2% |
| 2024 | +47.3% | +24.9% |
| 2025 | +98.3% | +17.7% |
| 2026 | +35.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SANM and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SANM and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.27 over the last year and 0.47 over 5 years.
Is SPY a good diversifier for SANM?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
A reading of 0.41 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: SANM correlations · SPY correlations
