SII vs SPY: Correlation
Sprott Inc. (SII) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SII and SPY?
Over the past 3 years, SII and SPY moved with a correlation of 0.35, which is moderate. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 191.2 %².
Within SII's tracked universe of 14 assets, SPY comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SII outperformed by 91.7 percentage points (+112.3% for SII against +20.6% for SPY). Risk is not evenly split, since SII 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.
SII vs SPY: side by side
| SII (Sprott Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +112.3% | +20.6% |
| 5-year return | +354.0% | +82.4% |
| Volatility (ann.) | 37.3% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -38.0% | -18.8% |
| Market cap | $3.5B | – |
| P/E (trailing) | 33.6 | – |
| Dividend yield | 1.17% | 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 | SII | SPY |
|---|---|---|
| 2022 | -24.1% | -18.2% |
| 2023 | +5.0% | +26.2% |
| 2024 | +27.4% | +24.9% |
| 2025 | +135.0% | +17.7% |
| 2026 | +40.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SII and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SII and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.32 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for SII?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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: SII correlations · SPY correlations
