SBI vs SPY: Correlation
Measured on weekly returns over the past three years, Western Asset Intermediate Muni Fund Inc (SBI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBI and SPY?
On 3 years of weekly data the SBI/SPY correlation comes out at 0.34, moderate. The past 12 months show a tighter link (0.46) than the 3-year average (0.34). The 5-year figure is 0.39, and annualized covariance runs at 38.7 %².
Within SBI's tracked universe of 14 assets, SPY comes in at #9 by 3-year correlation. On 12-month performance SPY holds a 14.3-point edge, +6.3% against +20.6%. One caveat on sizing: SPY is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SBI vs SPY: side by side
| SBI (Western Asset Intermediate Muni Fund Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.3% | +20.6% |
| 5-year return | +0.9% | +82.4% |
| Volatility (ann.) | 7.9% | 14.5% |
| Beta vs S&P 500 | 0.19 | 1.00 |
| Max drawdown (3Y) | -7.9% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 3.31% | 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 | SBI | SPY |
|---|---|---|
| 2022 | -18.4% | -18.2% |
| 2023 | +5.4% | +26.2% |
| 2024 | +6.8% | +24.9% |
| 2025 | +5.9% | +17.7% |
| 2026 | +3.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBI and SPY good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SBI and SPY?
The SBI/SPY correlation stands at 0.34 on a 3-year window (1 year: 0.46, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SBI?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: SBI correlations · SPY correlations
