SATL vs SPY: Correlation
Satellogic Inc. (SATL) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SATL and SPY?
On 3 years of weekly data the SATL/SPY correlation comes out at 0.19, weak. The relationship has been stable: the 1-year correlation (0.19) sits close to the 3-year figure. The 5-year figure is 0.09, and annualized covariance runs at 379.0 %².
Out of 11 assets tracked against SATL, SPY lands near the bottom at #8. The last year tells two different stories: SATL led by 24.5 percentage points, +45.1% for SATL against +20.6% for SPY. Note the risk asymmetry: SATL runs 9.3 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.
SATL vs SPY: side by side
| SATL (Satellogic Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +45.1% | +20.6% |
| 5-year return | -45.8% | +82.4% |
| Volatility (ann.) | 134.8% | 14.5% |
| Beta vs S&P 500 | 1.81 | 1.00 |
| Max drawdown (3Y) | -73.2% | -18.8% |
| Market cap | $0.8B | – |
| 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 | SATL | SPY |
|---|---|---|
| 2022 | -68.6% | -18.2% |
| 2023 | -42.6% | +26.2% |
| 2024 | +62.9% | +24.9% |
| 2025 | -34.4% | +17.7% |
| 2026 | +184.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SATL and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between SATL and SPY?
The SATL/SPY correlation stands at 0.19 on a 3-year window (1 year: 0.19, 5 years: 0.09), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SATL?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
A reading of 0.19 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: SATL correlations · SPY correlations
