SDRL vs SPY: Correlation
Seadrill Limited (SDRL) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SDRL and SPY?
Across a 3-year window, the weekly returns of SDRL and SPY correlate at 0.34, moderate. The link has loosened recently: the 1-year correlation (0.00) runs below the 3-year figure (0.34). Stretching to 5 years gives 0.36, with an annualized covariance of 189.2 %².
By 3-year correlation, SPY places #10 of the 15 assets tracked against SDRL. Correlation aside, the last 12 months split them widely, with SDRL ahead by 30.7 points (+51.3% versus +20.6%). Note the risk asymmetry: SDRL runs 2.7 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.
SDRL vs SPY: side by side
| SDRL (Seadrill Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +51.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 38.9% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -66.1% | -18.8% |
| Market cap | $3.0B | – |
| P/E (trailing) | 1612.7 | – |
| 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 | SDRL | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +44.9% | +26.2% |
| 2024 | -17.7% | +24.9% |
| 2025 | -11.1% | +17.7% |
| 2026 | +39.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SDRL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SDRL and SPY?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.00 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for SDRL?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 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: SDRL correlations · SPY correlations
