SHLS vs SPY: Correlation
Shoals Technologies Group, Inc. (SHLS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHLS and SPY?
Across a 3-year window, the weekly returns of SHLS and SPY correlate at 0.20, weak. Lately the two have moved closer together, with the 1-year correlation at 0.32 versus 0.20 over 3 years. Stretching to 5 years gives 0.26, with an annualized covariance of 213.7 %².
By 3-year correlation, SPY places #9 of the 17 assets tracked against SHLS. Over the last 12 months SPY came out ahead by 6.4 percentage points (+14.2% against +20.6%). Note the risk asymmetry: SHLS runs 5.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SHLS vs SPY: side by side
| SHLS (Shoals Technologies Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.2% | +20.6% |
| 5-year return | -76.8% | +82.4% |
| Volatility (ann.) | 75.0% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -87.3% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 39.1 | – |
| 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 | SHLS | SPY |
|---|---|---|
| 2022 | +1.5% | -18.2% |
| 2023 | -37.0% | +26.2% |
| 2024 | -64.4% | +24.9% |
| 2025 | +53.7% | +17.7% |
| 2026 | -12.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHLS and SPY good diversifiers for each other?
Reasonably. At 0.20, SHLS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SHLS and SPY?
As of 2026-08-27, the correlation of weekly returns between SHLS and SPY is 0.20 over 3 years, 0.32 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for SHLS?
Reasonably. At 0.20, SHLS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.20 mean?
A reading of 0.20 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SHLS correlations · SPY correlations
