SKE vs SPY: Correlation
How closely do Skeena Resources Limited (SKE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SKE and SPY?
Over the past 3 years, SKE and SPY moved with a correlation of 0.33, which is moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.33 over 3. Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 296.7 %².
By 3-year correlation, SPY places #10 of the 15 assets tracked against SKE. The last year tells two different stories: SKE led by 102.2 percentage points, +122.8% for SKE against +20.6% for SPY. Risk is not evenly split, since SKE carries 4.3 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.
SKE vs SPY: side by side
| SKE (Skeena Resources Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +122.8% | +20.6% |
| 5-year return | +205.9% | +82.4% |
| Volatility (ann.) | 62.6% | 14.5% |
| Beta vs S&P 500 | 1.42 | 1.00 |
| Max drawdown (3Y) | -36.1% | -18.8% |
| Market cap | $4.4B | – |
| 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 | SKE | SPY |
|---|---|---|
| 2022 | -49.0% | -18.2% |
| 2023 | -8.3% | +26.2% |
| 2024 | +78.7% | +24.9% |
| 2025 | +172.1% | +17.7% |
| 2026 | +48.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SKE and SPY good diversifiers for each other?
Reasonably. At 0.33, SKE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SKE and SPY?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.40 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for SKE?
Reasonably. At 0.33, SKE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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/ske-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ske-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SKE correlations · SPY correlations
