SHO vs SPY: Correlation
Sunstone Hotel Investors, Inc. (SHO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHO and SPY?
Over the past 3 years, SHO and SPY moved with a correlation of 0.47, which is moderate. The past 12 months show a weaker link (0.09) than the 3-year average (0.47). Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 158.6 %².
Among the 14 assets we track against SHO, SPY ranks #8 by 3-year correlation. Neither side won the trailing year by much: +21.4% against +20.6%. Note the risk asymmetry: SHO runs 1.6 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.
SHO vs SPY: side by side
| SHO (Sunstone Hotel Investors, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.4% | +20.6% |
| 5-year return | +10.7% | +82.4% |
| Volatility (ann.) | 23.4% | 14.5% |
| Beta vs S&P 500 | 0.76 | 1.00 |
| Max drawdown (3Y) | -36.6% | -18.8% |
| Market cap | $2.1B | – |
| P/E (trailing) | 50.9 | – |
| Dividend yield | 3.21% | 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 | SHO | SPY |
|---|---|---|
| 2022 | -16.8% | -18.2% |
| 2023 | +14.4% | +26.2% |
| 2024 | +13.9% | +24.9% |
| 2025 | -21.5% | +17.7% |
| 2026 | +27.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SHO and SPY?
As of 2026-08-27, the correlation of weekly returns between SHO and SPY is 0.47 over 3 years, 0.09 over 1 year and 0.53 over 5 years.
Is SPY a good diversifier for SHO?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 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: SHO correlations · SPY correlations
