SIEB vs SPY: Correlation
How closely do Siebert Financial Corp. (SIEB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SIEB and SPY?
On 3 years of weekly data the SIEB/SPY correlation comes out at 0.23, weak. The link has loosened recently: the 1-year correlation (0.08) runs below the 3-year figure (0.23). The 5-year figure is 0.25, and annualized covariance runs at 187.4 %².
Within SIEB's tracked universe of 14 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 49.2 percentage points (-28.6% for SIEB against +20.6% for SPY). Risk is not evenly split, since SIEB carries 3.9 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.
SIEB vs SPY: side by side
| SIEB (Siebert Financial Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -28.6% | +20.6% |
| 5-year return | -48.4% | +82.4% |
| Volatility (ann.) | 56.9% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -70.6% | -18.8% |
| Market cap | $0.1B | – |
| 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 | SIEB | SPY |
|---|---|---|
| 2022 | -41.4% | -18.2% |
| 2023 | +23.5% | +26.2% |
| 2024 | +88.1% | +24.9% |
| 2025 | +11.1% | +17.7% |
| 2026 | -43.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SIEB and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SIEB and SPY?
The SIEB/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.08, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SIEB?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 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: SIEB correlations · SPY correlations
