SBGI vs SPY: Correlation
Sinclair, Inc. (SBGI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBGI and SPY?
On 3 years of weekly data the SBGI/SPY correlation comes out at 0.23, weak. Little has changed lately, as the 1-year reading of 0.20 lands near the 3-year figure. The 5-year figure is 0.30, and annualized covariance runs at 191.1 %².
SPY is close to the least connected end of SBGI's tracked universe, ranking #7 of 11. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 17.4 percentage points (+3.2% for SBGI against +20.6% for SPY). Note the risk asymmetry: SBGI runs 4.0 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.
SBGI vs SPY: side by side
| SBGI (Sinclair, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.2% | +20.6% |
| 5-year return | -37.1% | +82.4% |
| Volatility (ann.) | 57.6% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -33.1% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 18.2 | – |
| Dividend yield | 6.98% | 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 | SBGI | SPY |
|---|---|---|
| 2022 | -38.7% | -18.2% |
| 2023 | -9.8% | +26.2% |
| 2024 | +32.6% | +24.9% |
| 2025 | +1.5% | +17.7% |
| 2026 | -5.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBGI and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SBGI and SPY?
As of 2026-08-27, the correlation of weekly returns between SBGI and SPY is 0.23 over 3 years, 0.20 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for SBGI?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
A reading of 0.23 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: SBGI correlations · SPY correlations
