SIFY vs SPY: Correlation
How closely do Sify Technologies Limited - American Depository Shares (SIFY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.09, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SIFY and SPY?
Across a 3-year window, the weekly returns of SIFY and SPY correlate at 0.09, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.19) sits close to the 3-year figure. Stretching to 5 years gives 0.21, with an annualized covariance of 100.4 %².
SPY is close to the least connected end of SIFY's tracked universe, ranking #7 of 10. Correlation aside, the last 12 months split them widely, with SIFY ahead by 34.3 points (+54.9% versus +20.6%). One caveat on sizing: SIFY is 5.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SIFY vs SPY: side by side
| SIFY (Sify Technologies Limited - American Depository Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +54.9% | +20.6% |
| 5-year return | -31.9% | +82.4% |
| Volatility (ann.) | 78.4% | 14.5% |
| Beta vs S&P 500 | 0.48 | 1.00 |
| Max drawdown (3Y) | -85.6% | -18.8% |
| Market cap | $1.1B | – |
| 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 | SIFY | SPY |
|---|---|---|
| 2022 | -64.4% | -18.2% |
| 2023 | +62.6% | +26.2% |
| 2024 | -74.5% | +24.9% |
| 2025 | +326.2% | +17.7% |
| 2026 | +21.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SIFY and SPY good diversifiers for each other?
Yes. With a correlation of 0.09, SIFY and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SIFY and SPY?
The SIFY/SPY correlation stands at 0.09 on a 3-year window (1 year: 0.19, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SIFY?
Yes. With a correlation of 0.09, SIFY and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.09 mean?
On the −1 to +1 scale, 0.09 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: SIFY correlations · SPY correlations
