SIG vs SPY: Correlation
Measured on weekly returns over the past three years, Signet Jewelers Limited (SIG) 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 SIG and SPY?
Across a 3-year window, the weekly returns of SIG and SPY correlate at 0.36, moderate. The relationship has been stable: the 1-year correlation (0.31) sits close to the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 248.9 %².
Within SIG's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: SPY led by 32.3 percentage points, -11.7% for SIG against +20.6% for SPY. One caveat on sizing: SIG is 3.3 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.
SIG vs SPY: side by side
| SIG (Signet Jewelers Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -11.7% | +20.6% |
| 5-year return | +8.4% | +82.4% |
| Volatility (ann.) | 47.9% | 14.5% |
| Beta vs S&P 500 | 1.19 | 1.00 |
| Max drawdown (3Y) | -57.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 11.6 | – |
| Dividend yield | 1.56% | 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 | SIG | SPY |
|---|---|---|
| 2022 | -21.0% | -18.2% |
| 2023 | +59.6% | +26.2% |
| 2024 | -23.8% | +24.9% |
| 2025 | +4.1% | +17.7% |
| 2026 | -0.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SIG and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SIG and SPY?
The SIG/SPY correlation stands at 0.36 on a 3-year window (1 year: 0.31, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SIG?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/sig-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/sig-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SIG correlations · SPY correlations
