SES vs SPY: Correlation
How closely do SES AI Corporation (SES) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SES and SPY?
Across a 3-year window, the weekly returns of SES and SPY correlate at 0.12, weak. The past 12 months show a tighter link (0.23) than the 3-year average (0.12). Stretching to 5 years gives 0.12, with an annualized covariance of 508.4 %².
SPY is close to the least connected end of SES's tracked universe, ranking #32 of 35. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 71.6 percentage points (-51.0% for SES against +20.6% for SPY). Risk is not evenly split, since SES carries 20.3 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.
SES vs SPY: side by side
| SES (SES AI Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -51.0% | +20.6% |
| 5-year return | -94.5% | +82.4% |
| Volatility (ann.) | 294.5% | 14.5% |
| Beta vs S&P 500 | 2.43 | 1.00 |
| Max drawdown (3Y) | -89.7% | -18.8% |
| Market cap | $0.2B | – |
| 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 | SES | SPY |
|---|---|---|
| 2022 | -68.3% | -18.2% |
| 2023 | -41.9% | +26.2% |
| 2024 | +19.7% | +24.9% |
| 2025 | -17.8% | +17.7% |
| 2026 | -69.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SES and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between SES and SPY?
The SES/SPY correlation stands at 0.12 on a 3-year window (1 year: 0.23, 5 years: 0.12), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SES?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: SES correlations · SPY correlations
