SBR vs SPY: Correlation
How closely do Sabine Royalty Trust (SBR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SBR and SPY?
Across a 3-year window, the weekly returns of SBR and SPY correlate at 0.21, weak. The past 12 months show a weaker link (-0.16) than the 3-year average (0.21). Stretching to 5 years gives 0.22, with an annualized covariance of 69.1 %².
Among the 10 assets we track against SBR, SPY sits near the bottom by co-movement, at rank #6. The trailing year gives SPY the advantage: +9.1% versus +20.6%, a 11.5-point spread. Risk is not evenly split, since SBR carries 1.6 times the volatility of the other side.
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.
SBR vs SPY: side by side
| SBR (Sabine Royalty Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.1% | +20.6% |
| 5-year return | +200.0% | +82.4% |
| Volatility (ann.) | 22.9% | 14.5% |
| Beta vs S&P 500 | 0.33 | 1.00 |
| Max drawdown (3Y) | -18.5% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 15.1 | – |
| Dividend yield | 6.55% | 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 | SBR | SPY |
|---|---|---|
| 2022 | +132.1% | -18.2% |
| 2023 | -13.1% | +26.2% |
| 2024 | +4.1% | +24.9% |
| 2025 | +14.0% | +17.7% |
| 2026 | +12.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SBR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SBR and SPY?
The SBR/SPY correlation stands at 0.21 on a 3-year window (1 year: -0.16, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SBR?
Yes, to a useful degree: a correlation of 0.21 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.21 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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Hubs: SBR correlations · SPY correlations
