SITE vs SPY: Correlation
How closely do SiteOne Landscape Supply, Inc. (SITE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SITE and SPY?
On 3 years of weekly data the SITE/SPY correlation comes out at 0.41, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.41). The 5-year figure is 0.58, and annualized covariance runs at 221.0 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against SITE. Correlation aside, the last 12 months split them widely, with SPY ahead by 54.8 points (-34.2% versus +20.6%). Note the risk asymmetry: SITE runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SITE vs SPY: side by side
| SITE (SiteOne Landscape Supply, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -34.2% | +20.6% |
| 5-year return | -52.8% | +82.4% |
| Volatility (ann.) | 37.2% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -49.5% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 26.3 | – |
| 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 | SITE | SPY |
|---|---|---|
| 2022 | -51.6% | -18.2% |
| 2023 | +38.5% | +26.2% |
| 2024 | -18.9% | +24.9% |
| 2025 | -5.5% | +17.7% |
| 2026 | -23.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SITE and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SITE and SPY?
The SITE/SPY correlation stands at 0.41 on a 3-year window (1 year: 0.25, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SITE?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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: SITE correlations · SPY correlations
