SJM vs SPY: Correlation
How closely do J.M. Smucker Company (The) (SJM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.11, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SJM and SPY?
Over the past 3 years, SJM and SPY moved with a correlation of 0.11, which is weak. Recent behaviour matches the longer record: 0.09 over 1 year against 0.11 over 3. Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is 43.1 %².
Among the 33 assets we track against SJM, SPY ranks #22 by 3-year correlation. The trailing year gives SJM the advantage: +29.9% versus +20.6%, a 9.3-point spread. Across three years, the rolling one-year figure varied moderately, from -0.03 to 0.25. Risk is not evenly split, since SJM carries 1.8 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.
SJM vs SPY: side by side
| SJM (J.M. Smucker Company (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.9% | +20.6% |
| 5-year return | +28.2% | +82.4% |
| Volatility (ann.) | 26.0% | 14.5% |
| Beta vs S&P 500 | 0.21 | 1.00 |
| Max drawdown (3Y) | -32.5% | -18.8% |
| Market cap | $14.1B | – |
| P/E (trailing) | 61.3 | – |
| Dividend yield | 3.38% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | SJM | SPY |
|---|---|---|
| 2022 | +20.1% | -18.2% |
| 2023 | -17.8% | +26.2% |
| 2024 | -9.6% | +24.9% |
| 2025 | -7.6% | +17.7% |
| 2026 | +38.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SJM and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between SJM and SPY?
Using weekly returns as of 2026-08-27: 0.11 over 3 years, with 0.09 over the last year and 0.13 over 5 years.
Is SPY a good diversifier for SJM?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 mean?
A reading of 0.11 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/sjm-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/sjm-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SJM correlations · SPY correlations
