SKYH vs SPY: Correlation
How closely do Sky Harbour Group Corporation (SKYH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SKYH and SPY?
On 3 years of weekly data the SKYH/SPY correlation comes out at 0.28, weak. The link has tightened recently: the 1-year correlation (0.41) runs above the 3-year figure (0.28). The 5-year figure is 0.18, and annualized covariance runs at 235.4 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against SKYH. Correlation aside, the last 12 months split them widely, with SPY ahead by 22.0 points (-1.4% versus +20.6%). Note the risk asymmetry: SKYH runs 4.0 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.
SKYH vs SPY: side by side
| SKYH (Sky Harbour Group Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.4% | +20.6% |
| 5-year return | +4.5% | +82.4% |
| Volatility (ann.) | 57.5% | 14.5% |
| Beta vs S&P 500 | 1.13 | 1.00 |
| Max drawdown (3Y) | -39.9% | -18.8% |
| Market cap | $0.9B | – |
| 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 | SKYH | SPY |
|---|---|---|
| 2022 | -73.8% | -18.2% |
| 2023 | +263.2% | +26.2% |
| 2024 | +23.5% | +24.9% |
| 2025 | -24.8% | +17.7% |
| 2026 | +17.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SKYH and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SKYH and SPY?
As of 2026-08-27, the correlation of weekly returns between SKYH and SPY is 0.28 over 3 years, 0.41 over 1 year and 0.18 over 5 years.
Is SPY a good diversifier for SKYH?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
A reading of 0.28 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/skyh-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/skyh-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SKYH correlations · SPY correlations
