SHFS vs SPY: Correlation
Measured on weekly returns over the past three years, SHF Holdings, Inc. (SHFS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.12, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHFS and SPY?
Across a 3-year window, the weekly returns of SHFS and SPY correlate at 0.12, weak. Recent behaviour matches the longer record: 0.03 over 1 year against 0.12 over 3. Stretching to 5 years gives 0.10, with an annualized covariance of 264.3 %².
Among the 10 assets we track against SHFS, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: SPY led by 113.5 percentage points, -92.9% for SHFS against +20.6% for SPY. Risk is not evenly split, since SHFS carries 10.4 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.
SHFS vs SPY: side by side
| SHFS (SHF Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -92.9% | +20.6% |
| 5-year return | -99.9% | +82.4% |
| Volatility (ann.) | 150.8% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -99.4% | -18.8% |
| Market cap | – | – |
| 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 | SHFS | SPY |
|---|---|---|
| 2022 | -82.4% | -18.2% |
| 2023 | -20.0% | +26.2% |
| 2024 | -68.3% | +24.9% |
| 2025 | -88.2% | +17.7% |
| 2026 | -84.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHFS and SPY good diversifiers for each other?
Yes. With a correlation of 0.12, SHFS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SHFS and SPY?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with 0.03 over the last year and 0.10 over 5 years.
Is SPY a good diversifier for SHFS?
Yes. With a correlation of 0.12, SHFS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 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: SHFS correlations · SPY correlations
