SBH vs SPY: Correlation
Measured on weekly returns over the past three years, Sally Beauty Holdings, Inc. Commo (SBH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBH and SPY?
On 3 years of weekly data the SBH/SPY correlation comes out at 0.37, moderate. The link has tightened recently: the 1-year correlation (0.50) runs above the 3-year figure (0.37). The 5-year figure is 0.41, and annualized covariance runs at 241.2 %².
SPY is close to the least connected end of SBH's tracked universe, ranking #10 of 14. Twelve-month performance is nearly a tie, at +16.5% for SBH and +20.6% for SPY. Note the risk asymmetry: SBH runs 3.1 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.
SBH vs SPY: side by side
| SBH (Sally Beauty Holdings, Inc. Commo) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.5% | +20.6% |
| 5-year return | -12.3% | +82.4% |
| Volatility (ann.) | 45.3% | 14.5% |
| Beta vs S&P 500 | 1.15 | 1.00 |
| Max drawdown (3Y) | -45.2% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 8.6 | – |
| 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 | SBH | SPY |
|---|---|---|
| 2022 | -32.2% | -18.2% |
| 2023 | +6.1% | +26.2% |
| 2024 | -21.3% | +24.9% |
| 2025 | +36.5% | +17.7% |
| 2026 | +15.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBH and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SBH and SPY?
As of 2026-08-27, the correlation of weekly returns between SBH and SPY is 0.37 over 3 years, 0.50 over 1 year and 0.41 over 5 years.
Is SPY a good diversifier for SBH?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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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Related comparisons
Hubs: SBH correlations · SPY correlations
