SF vs SPY: Correlation
How closely do Stifel Financial Corporation (SF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SF and SPY?
Across a 3-year window, the weekly returns of SF and SPY correlate at 0.65, strong. The past 12 months show a weaker link (0.47) than the 3-year average (0.65). Stretching to 5 years gives 0.66, with an annualized covariance of 256.5 %².
Among the 24 assets we track against SF, SPY ranks #15 by 3-year correlation. The trailing year gives SPY the advantage: +6.0% versus +20.6%, a 14.6-point spread. One caveat on sizing: SF is 1.9 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.
SF vs SPY: side by side
| SF (Stifel Financial Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.0% | +20.6% |
| 5-year return | +92.0% | +82.4% |
| Volatility (ann.) | 27.2% | 14.5% |
| Beta vs S&P 500 | 1.23 | 1.00 |
| Max drawdown (3Y) | -34.7% | -18.8% |
| Market cap | $12.2B | – |
| P/E (trailing) | 14.4 | – |
| Dividend yield | 1.59% | 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 | SF | SPY |
|---|---|---|
| 2022 | -15.6% | -18.2% |
| 2023 | +21.2% | +26.2% |
| 2024 | +56.4% | +24.9% |
| 2025 | +20.1% | +17.7% |
| 2026 | -2.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SF and SPY good diversifiers for each other?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SF and SPY?
Using weekly returns as of 2026-08-27: 0.65 over 3 years, with 0.47 over the last year and 0.66 over 5 years.
Is SPY a good diversifier for SF?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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: SF correlations · SPY correlations
