SID vs SPY: Correlation
Measured on weekly returns over the past three years, Companhia Siderurgica Nacional S.A. (SID) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SID and SPY?
Across a 3-year window, the weekly returns of SID and SPY correlate at 0.36, moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Stretching to 5 years gives 0.38, with an annualized covariance of 253.9 %².
By 3-year correlation, SPY places #9 of the 14 assets tracked against SID. The last year tells two different stories: SPY led by 44.3 percentage points, -23.7% for SID against +20.6% for SPY. Note the risk asymmetry: SID runs 3.4 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.
SID vs SPY: side by side
| SID (Companhia Siderurgica Nacional S.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -23.7% | +20.6% |
| 5-year return | -77.7% | +82.4% |
| Volatility (ann.) | 49.3% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -76.0% | -18.8% |
| Market cap | $1.4B | – |
| 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 | SID | SPY |
|---|---|---|
| 2022 | -29.7% | -18.2% |
| 2023 | +69.2% | +26.2% |
| 2024 | -59.6% | +24.9% |
| 2025 | +11.1% | +17.7% |
| 2026 | -33.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SID and SPY good diversifiers for each other?
Reasonably. At 0.36, SID and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SID and SPY?
As of 2026-08-27, the correlation of weekly returns between SID and SPY is 0.36 over 3 years, 0.38 over 1 year and 0.38 over 5 years.
Is SPY a good diversifier for SID?
Reasonably. At 0.36, SID and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
A reading of 0.36 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: SID correlations · SPY correlations
