SILC vs SPY: Correlation
Silicom Ltd (SILC) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SILC and SPY?
Across a 3-year window, the weekly returns of SILC and SPY correlate at 0.26, weak. Lately the two have moved closer together, with the 1-year correlation at 0.37 versus 0.26 over 3 years. Stretching to 5 years gives 0.36, with an annualized covariance of 204.4 %².
Out of 11 assets tracked against SILC, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with SILC ahead by 172.5 points (+193.1% versus +20.6%). Risk is not evenly split, since SILC carries 3.8 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.
SILC vs SPY: side by side
| SILC (Silicom Ltd) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +193.1% | +20.6% |
| 5-year return | +6.1% | +82.4% |
| Volatility (ann.) | 54.8% | 14.5% |
| Beta vs S&P 500 | 0.98 | 1.00 |
| Max drawdown (3Y) | -56.5% | -18.8% |
| Market cap | $0.3B | – |
| 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 | SILC | SPY |
|---|---|---|
| 2022 | -18.3% | -18.2% |
| 2023 | -57.1% | +26.2% |
| 2024 | -9.9% | +24.9% |
| 2025 | -9.9% | +17.7% |
| 2026 | +224.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SILC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SILC and SPY?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.37 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for SILC?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 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: SILC correlations · SPY correlations
