SEB vs SPY: Correlation
How closely do Seaboard Corporation (SEB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.03, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SEB and SPY?
On 3 years of weekly data the SEB/SPY correlation comes out at -0.03, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.25 versus -0.03 over 3 years. The 5-year figure is 0.13, and annualized covariance runs at -13.9 %².
By 3-year correlation, SPY places #6 of the 25 assets tracked against SEB. Correlation aside, the last 12 months split them widely, with SPY ahead by 15.8 points (+4.8% versus +20.6%). Note the risk asymmetry: SEB runs 2.3 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.
SEB vs SPY: side by side
| SEB (Seaboard Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.8% | +20.6% |
| 5-year return | -4.5% | +82.4% |
| Volatility (ann.) | 32.8% | 14.5% |
| Beta vs S&P 500 | -0.07 | 1.00 |
| Max drawdown (3Y) | -37.7% | -18.8% |
| Market cap | $3.8B | – |
| P/E (trailing) | 6.0 | – |
| Dividend yield | 0.22% | 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 | SEB | SPY |
|---|---|---|
| 2022 | -3.8% | -18.2% |
| 2023 | -5.2% | +26.2% |
| 2024 | -31.7% | +24.9% |
| 2025 | +83.5% | +17.7% |
| 2026 | -11.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SEB and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between SEB and SPY?
As of 2026-08-27, the correlation of weekly returns between SEB and SPY is -0.03 over 3 years, -0.25 over 1 year and 0.13 over 5 years.
Is SPY a good diversifier for SEB?
By historical standards, yes. A correlation of -0.03 means the two rarely move for the same reasons.
What does a correlation of -0.03 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: SEB correlations · SPY correlations
