SGU vs SPY: Correlation
Star Group L.P. (SGU) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SGU and SPY?
Across a 3-year window, the weekly returns of SGU and SPY correlate at 0.12, weak. The relationship has been stable: the 1-year correlation (0.06) sits close to the 3-year figure. Stretching to 5 years gives 0.19, with an annualized covariance of 38.0 %².
Within SGU's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. The trailing year gives SPY the advantage: +14.6% versus +20.6%, a 6.0-point spread. One caveat on sizing: SGU is 1.6 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.
SGU vs SPY: side by side
| SGU (Star Group L.P.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.6% | +20.6% |
| 5-year return | +58.3% | +82.4% |
| Volatility (ann.) | 22.6% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -27.1% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 6.09% | 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 | SGU | SPY |
|---|---|---|
| 2022 | +18.9% | -18.2% |
| 2023 | +0.7% | +26.2% |
| 2024 | +6.3% | +24.9% |
| 2025 | +9.0% | +17.7% |
| 2026 | +11.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SGU and SPY good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SGU and SPY?
As of 2026-08-27, the correlation of weekly returns between SGU and SPY is 0.12 over 3 years, 0.06 over 1 year and 0.19 over 5 years.
Is SPY a good diversifier for SGU?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 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: SGU correlations · SPY correlations
