SGA vs SPY: Correlation
How closely do Saga Communications, Inc. (SGA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.20, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SGA and SPY?
Over the past 3 years, SGA and SPY moved with a correlation of 0.20, which is weak. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. Over 5 years the correlation is 0.11, and the annualized covariance of weekly returns is 90.7 %².
SPY is close to the least connected end of SGA's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 43.9 percentage points (-23.3% for SGA against +20.6% for SPY). Note the risk asymmetry: SGA runs 2.1 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.
SGA vs SPY: side by side
| SGA (Saga Communications, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -23.3% | +20.6% |
| 5-year return | -34.9% | +82.4% |
| Volatility (ann.) | 30.7% | 14.5% |
| Beta vs S&P 500 | 0.43 | 1.00 |
| Max drawdown (3Y) | -58.1% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 10.95% | 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 | SGA | SPY |
|---|---|---|
| 2022 | +16.8% | -18.2% |
| 2023 | +6.8% | +26.2% |
| 2024 | -45.9% | +24.9% |
| 2025 | +12.4% | +17.7% |
| 2026 | -18.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SGA and SPY good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SGA and SPY?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.23 over the last year and 0.11 over 5 years.
Is SPY a good diversifier for SGA?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 mean?
On the −1 to +1 scale, 0.20 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: SGA correlations · SPY correlations
