SBET vs SPY: Correlation
Measured on weekly returns over the past three years, Sharplink, Inc. (SBET) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.07, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBET and SPY?
Across a 3-year window, the weekly returns of SBET and SPY correlate at 0.07, near zero, meaning they move largely independently. Lately the two have moved closer together, with the 1-year correlation at 0.42 versus 0.07 over 3 years. Stretching to 5 years gives 0.08, with an annualized covariance of 646.8 %².
Within SBET's tracked universe of 25 assets, SPY comes in at #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 74.5 percentage points (-53.9% for SBET against +20.6% for SPY). Note the risk asymmetry: SBET runs 42.5 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.
SBET vs SPY: side by side
| SBET (Sharplink, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -53.9% | +20.6% |
| 5-year return | -98.8% | +82.4% |
| Volatility (ann.) | 616.8% | 14.5% |
| Beta vs S&P 500 | 3.10 | 1.00 |
| Max drawdown (3Y) | -94.2% | -18.8% |
| Market cap | $1.9B | – |
| 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 | SBET | SPY |
|---|---|---|
| 2022 | -88.3% | -18.2% |
| 2023 | -51.6% | +26.2% |
| 2024 | -57.3% | +24.9% |
| 2025 | +16.4% | +17.7% |
| 2026 | -0.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBET and SPY good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SBET and SPY?
As of 2026-08-27, the correlation of weekly returns between SBET and SPY is 0.07 over 3 years, 0.42 over 1 year and 0.08 over 5 years.
Is SPY a good diversifier for SBET?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.07 mean?
On the −1 to +1 scale, 0.07 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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Hubs: SBET correlations · SPY correlations
