SHOO vs SPY: Correlation
Measured on weekly returns over the past three years, Steven Madden, Ltd. (SHOO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHOO and SPY?
Over the past 3 years, SHOO and SPY moved with a correlation of 0.43, which is moderate. The past 12 months show a weaker link (0.29) than the 3-year average (0.43). Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 236.5 %².
Within SHOO's tracked universe of 15 assets, SPY comes in at #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SHOO ahead by 34.9 points (+55.5% versus +20.6%). Risk is not evenly split, since SHOO carries 2.6 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.
SHOO vs SPY: side by side
| SHOO (Steven Madden, Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +55.5% | +20.6% |
| 5-year return | +22.4% | +82.4% |
| Volatility (ann.) | 38.3% | 14.5% |
| Beta vs S&P 500 | 1.13 | 1.00 |
| Max drawdown (3Y) | -60.2% | -18.8% |
| Market cap | $3.3B | – |
| P/E (trailing) | 22.6 | – |
| Dividend yield | 1.86% | 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 | SHOO | SPY |
|---|---|---|
| 2022 | -29.5% | -18.2% |
| 2023 | +34.6% | +26.2% |
| 2024 | +3.2% | +24.9% |
| 2025 | +0.6% | +17.7% |
| 2026 | +8.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHOO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SHOO and SPY?
As of 2026-08-27, the correlation of weekly returns between SHOO and SPY is 0.43 over 3 years, 0.29 over 1 year and 0.52 over 5 years.
Is SPY a good diversifier for SHOO?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 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: SHOO correlations · SPY correlations
