SCCO vs SPY: Correlation
How closely do Southern Copper Corporation (SCCO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SCCO and SPY?
On 3 years of weekly data the SCCO/SPY correlation comes out at 0.47, moderate. Little has changed lately, as the 1-year reading of 0.49 lands near the 3-year figure. The 5-year figure is 0.44, and annualized covariance runs at 276.4 %².
Within SCCO's tracked universe of 20 assets, SPY comes in at #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SCCO outperformed by 113.9 percentage points (+134.5% for SCCO against +20.6% for SPY). Note the risk asymmetry: SCCO runs 2.8 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.
SCCO vs SPY: side by side
| SCCO (Southern Copper Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +134.5% | +20.6% |
| 5-year return | +339.2% | +82.4% |
| Volatility (ann.) | 40.8% | 14.5% |
| Beta vs S&P 500 | 1.32 | 1.00 |
| Max drawdown (3Y) | -39.7% | -18.8% |
| Market cap | $182.6B | – |
| P/E (trailing) | 32.0 | – |
| Dividend yield | 1.65% | 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 | SCCO | SPY |
|---|---|---|
| 2022 | +4.2% | -18.2% |
| 2023 | +50.0% | +26.2% |
| 2024 | +9.4% | +24.9% |
| 2025 | +66.5% | +17.7% |
| 2026 | +55.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SCCO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SCCO and SPY?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.49 over the last year and 0.44 over 5 years.
Is SPY a good diversifier for SCCO?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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: SCCO correlations · SPY correlations
