SHOE vs SPY: Correlation
How closely do Shoe Station Group, Inc. (SHOE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHOE and SPY?
On 3 years of weekly data the SHOE/SPY correlation comes out at 0.41, moderate. Recent behaviour matches the longer record: 0.41 over 1 year against 0.41 over 3. The 5-year figure is 0.42, and annualized covariance runs at 258.6 %².
Out of 17 assets tracked against SHOE, SPY lands near the bottom at #13. The last year tells two different stories: SPY led by 55.3 percentage points, -34.7% for SHOE against +20.6% for SPY. Risk is not evenly split, since SHOE carries 3.0 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.
SHOE vs SPY: side by side
| SHOE (Shoe Station Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -34.7% | +20.6% |
| 5-year return | -59.3% | +82.4% |
| Volatility (ann.) | 43.2% | 14.5% |
| Beta vs S&P 500 | 1.24 | 1.00 |
| Max drawdown (3Y) | -68.0% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 10.3 | – |
| Dividend yield | 4.30% | 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 | SHOE | SPY |
|---|---|---|
| 2022 | -38.0% | -18.2% |
| 2023 | +28.5% | +26.2% |
| 2024 | +11.2% | +24.9% |
| 2025 | -47.6% | +17.7% |
| 2026 | -15.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHOE and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SHOE and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.41 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for SHOE?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
A reading of 0.41 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: SHOE correlations · SPY correlations
