SDA vs SPY: Correlation
SunCar Technology Group Inc. (SDA) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SDA and SPY?
Over the past 3 years, SDA and SPY moved with a correlation of 0.06, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of 0.07 lands near the 3-year figure. Over 5 years the correlation is 0.04, and the annualized covariance of weekly returns is 72.9 %².
By 3-year correlation, SPY places #6 of the 14 assets tracked against SDA. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 91.3 percentage points (-70.7% for SDA against +20.6% for SPY). One caveat on sizing: SDA is 5.8 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.
SDA vs SPY: side by side
| SDA (SunCar Technology Group Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -70.7% | +20.6% |
| 5-year return | -92.6% | +82.4% |
| Volatility (ann.) | 84.1% | 14.5% |
| Beta vs S&P 500 | 0.35 | 1.00 |
| Max drawdown (3Y) | -95.7% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| 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 | SDA | SPY |
|---|---|---|
| 2022 | +4.3% | -18.2% |
| 2023 | -20.3% | +26.2% |
| 2024 | +17.0% | +24.9% |
| 2025 | -79.1% | +17.7% |
| 2026 | -63.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SDA and SPY good diversifiers for each other?
Yes. With a correlation of 0.06, SDA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SDA and SPY?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with 0.07 over the last year and 0.04 over 5 years.
Is SPY a good diversifier for SDA?
Yes. With a correlation of 0.06, SDA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 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: SDA correlations · SPY correlations
