SCHL vs SPY: Correlation
Measured on weekly returns over the past three years, Scholastic Corporation (SCHL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SCHL and SPY?
On 3 years of weekly data the SCHL/SPY correlation comes out at 0.26, weak. The past 12 months show a weaker link (-0.06) than the 3-year average (0.26). The 5-year figure is 0.29, and annualized covariance runs at 164.2 %².
SPY is close to the least connected end of SCHL's tracked universe, ranking #6 of 10. The last year tells two different stories: SCHL led by 34.5 percentage points, +55.1% for SCHL against +20.6% for SPY. Risk is not evenly split, since SCHL carries 3.0 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.
SCHL vs SPY: side by side
| SCHL (Scholastic Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +55.1% | +20.6% |
| 5-year return | +32.0% | +82.4% |
| Volatility (ann.) | 43.5% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -62.3% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 17.1 | – |
| Dividend yield | 2.00% | 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 | SCHL | SPY |
|---|---|---|
| 2022 | +0.5% | -18.2% |
| 2023 | -2.5% | +26.2% |
| 2024 | -42.0% | +24.9% |
| 2025 | +44.0% | +17.7% |
| 2026 | +33.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SCHL and SPY good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SCHL and SPY?
As of 2026-08-27, the correlation of weekly returns between SCHL and SPY is 0.26 over 3 years, -0.06 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for SCHL?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 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: SCHL correlations · SPY correlations
