SFWL vs SPY: Correlation
How closely do Shengfeng Development Limited - Class A (SFWL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.01, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SFWL and SPY?
Over the past 3 years, SFWL and SPY moved with a correlation of 0.01, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.06 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 16.6 %².
SPY is close to the least connected end of SFWL's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with SPY ahead by 35.0 points (-14.4% versus +20.6%). One caveat on sizing: SFWL is 6.5 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.
SFWL vs SPY: side by side
| SFWL (Shengfeng Development Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.4% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 94.3% | 14.5% |
| Beta vs S&P 500 | 0.08 | 1.00 |
| Max drawdown (3Y) | -95.9% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 6.2 | – |
| 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 | SFWL | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -63.3% | +24.9% |
| 2025 | -12.0% | +17.7% |
| 2026 | -8.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SFWL and SPY good diversifiers for each other?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SFWL and SPY?
As of 2026-08-27, the correlation of weekly returns between SFWL and SPY is 0.01 over 3 years, -0.06 over 1 year and n/a over 5 years.
Is SPY a good diversifier for SFWL?
Yes: at 0.01, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.01 mean?
A reading of 0.01 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SFWL correlations · SPY correlations
