SGHT vs SPY: Correlation
How closely do Sight Sciences, Inc. (SGHT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SGHT and SPY?
Across a 3-year window, the weekly returns of SGHT and SPY correlate at 0.35, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Stretching to 5 years gives 0.37, with an annualized covariance of 487.8 %².
Out of 10 assets tracked against SGHT, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with SGHT ahead by 78.2 points (+98.8% versus +20.6%). One caveat on sizing: SGHT is 6.6 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.
SGHT vs SPY: side by side
| SGHT (Sight Sciences, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +98.8% | +20.6% |
| 5-year return | -73.7% | +82.4% |
| Volatility (ann.) | 96.0% | 14.5% |
| Beta vs S&P 500 | 2.34 | 1.00 |
| Max drawdown (3Y) | -81.1% | -18.8% |
| Market cap | $0.5B | – |
| 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 | SGHT | SPY |
|---|---|---|
| 2022 | -30.5% | -18.2% |
| 2023 | -57.7% | +26.2% |
| 2024 | -29.5% | +24.9% |
| 2025 | +117.9% | +17.7% |
| 2026 | +6.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SGHT and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SGHT and SPY?
The SGHT/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.39, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SGHT?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 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: SGHT correlations · SPY correlations
