SHEN vs SPY: Correlation
How closely do Shenandoah Telecommunications Co (SHEN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.09, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHEN and SPY?
Across a 3-year window, the weekly returns of SHEN and SPY correlate at 0.09, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.14) sits close to the 3-year figure. Stretching to 5 years gives 0.24, with an annualized covariance of 51.9 %².
SPY is close to the least connected end of SHEN's tracked universe, ranking #6 of 10. The last year tells two different stories: SPY led by 29.1 percentage points, -8.5% for SHEN against +20.6% for SPY. One caveat on sizing: SHEN is 2.9 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.
SHEN vs SPY: side by side
| SHEN (Shenandoah Telecommunications Co) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.5% | +20.6% |
| 5-year return | -57.4% | +82.4% |
| Volatility (ann.) | 41.9% | 14.5% |
| Beta vs S&P 500 | 0.25 | 1.00 |
| Max drawdown (3Y) | -59.2% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.89% | 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 | SHEN | SPY |
|---|---|---|
| 2022 | -37.5% | -18.2% |
| 2023 | +36.6% | +26.2% |
| 2024 | -41.3% | +24.9% |
| 2025 | -7.4% | +17.7% |
| 2026 | +5.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHEN and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.09 means the two rarely move for the same reasons.
FAQ
What is the correlation between SHEN and SPY?
As of 2026-08-27, the correlation of weekly returns between SHEN and SPY is 0.09 over 3 years, 0.14 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for SHEN?
By historical standards, yes. A correlation of 0.09 means the two rarely move for the same reasons.
What does a correlation of 0.09 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: SHEN correlations · SPY correlations
