SG vs SPY: Correlation
Sweetgreen, Inc. (SG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SG and SPY?
Over the past 3 years, SG and SPY moved with a correlation of 0.33, which is moderate. Little has changed lately, as the 1-year reading of 0.31 lands near the 3-year figure. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 383.2 %².
Out of 11 assets tracked against SG, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 45.5 points (-24.9% versus +20.6%). Note the risk asymmetry: SG runs 5.5 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.
SG vs SPY: side by side
| SG (Sweetgreen, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -24.9% | +20.6% |
| 5-year return | -86.3% | +82.4% |
| Volatility (ann.) | 79.8% | 14.5% |
| Beta vs S&P 500 | 1.83 | 1.00 |
| Max drawdown (3Y) | -89.3% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 75.4 | – |
| 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 | SG | SPY |
|---|---|---|
| 2022 | -73.2% | -18.2% |
| 2023 | +31.9% | +26.2% |
| 2024 | +183.7% | +24.9% |
| 2025 | -78.9% | +17.7% |
| 2026 | +0.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SG and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SG and SPY?
As of 2026-08-27, the correlation of weekly returns between SG and SPY is 0.33 over 3 years, 0.31 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for SG?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 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: SG correlations · SPY correlations
