SCZM vs SPY: Correlation
Santacruz Silver Mining Ltd. (SCZM) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SCZM and SPY?
On 3 years of weekly data the SCZM/SPY correlation comes out at 0.26, weak. Lately the two have moved closer together, with the 1-year correlation at 0.44 versus 0.26 over 3 years. The 5-year figure is 0.22, and annualized covariance runs at 360.1 %².
SPY is close to the least connected end of SCZM's tracked universe, ranking #8 of 12. Correlation aside, the last 12 months split them widely, with SCZM ahead by 88.2 points (+108.8% versus +20.6%). Note the risk asymmetry: SCZM runs 6.6 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.
SCZM vs SPY: side by side
| SCZM (Santacruz Silver Mining Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +108.8% | +20.6% |
| 5-year return | +818.6% | +82.4% |
| Volatility (ann.) | 96.4% | 14.5% |
| Beta vs S&P 500 | 1.72 | 1.00 |
| Max drawdown (3Y) | -63.2% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 21.3 | – |
| 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 | SCZM | SPY |
|---|---|---|
| 2022 | +25.0% | -18.2% |
| 2023 | -38.3% | +26.2% |
| 2024 | +5.5% | +24.9% |
| 2025 | +1137.2% | +17.7% |
| 2026 | +3.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SCZM 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 SCZM and SPY?
As of 2026-08-27, the correlation of weekly returns between SCZM and SPY is 0.26 over 3 years, 0.44 over 1 year and 0.22 over 5 years.
Is SPY a good diversifier for SCZM?
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?
A reading of 0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SCZM correlations · SPY correlations
