SHMD vs SPY: Correlation
Measured on weekly returns over the past three years, SCHMID Group N.V. - Class A (SHMD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.11, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHMD and SPY?
On 3 years of weekly data the SHMD/SPY correlation comes out at 0.11, weak. The past 12 months show a tighter link (0.32) than the 3-year average (0.11). The 5-year figure is n/a, and annualized covariance runs at 160.8 %².
Among the 21 assets we track against SHMD, SPY ranks #10 by 3-year correlation. Over the last 12 months SHMD came out ahead by 8.2 percentage points (+28.8% against +20.6%). One caveat on sizing: SHMD is 6.7 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.
SHMD vs SPY: side by side
| SHMD (SCHMID Group N.V. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.8% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 96.9% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -69.6% | -18.8% |
| Market cap | $0.2B | – |
| 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 | SHMD | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +101.1% | +17.7% |
| 2026 | -45.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHMD and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between SHMD and SPY?
Using weekly returns as of 2026-08-27: 0.11 over 3 years, with 0.32 over the last year and n/a over 5 years.
Is SPY a good diversifier for SHMD?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 mean?
A reading of 0.11 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/shmd-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/shmd-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SHMD correlations · SPY correlations
