SHAK vs SPY: Correlation
Measured on weekly returns over the past three years, Shake Shack, Inc. (SHAK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHAK and SPY?
Across a 3-year window, the weekly returns of SHAK and SPY correlate at 0.40, moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.40 over 3. Stretching to 5 years gives 0.48, with an annualized covariance of 296.9 %².
Within SHAK's tracked universe of 14 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 54.5 points (-33.9% versus +20.6%). Risk is not evenly split, since SHAK carries 3.6 times the volatility of the other side.
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.
SHAK vs SPY: side by side
| SHAK (Shake Shack, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -33.9% | +20.6% |
| 5-year return | -18.1% | +82.4% |
| Volatility (ann.) | 51.5% | 14.5% |
| Beta vs S&P 500 | 1.42 | 1.00 |
| Max drawdown (3Y) | -63.1% | -18.8% |
| Market cap | $3.0B | – |
| P/E (trailing) | 76.7 | – |
| 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 | SHAK | SPY |
|---|---|---|
| 2022 | -42.4% | -18.2% |
| 2023 | +78.5% | +26.2% |
| 2024 | +75.1% | +24.9% |
| 2025 | -37.5% | +17.7% |
| 2026 | -13.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHAK and SPY good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SHAK and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.38 over the last year and 0.48 over 5 years.
Is SPY a good diversifier for SHAK?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/shak-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/shak-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SHAK correlations · SPY correlations
