SKYW vs SPY: Correlation
How closely do SkyWest, Inc. (SKYW) 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 SKYW and SPY?
On 3 years of weekly data the SKYW/SPY correlation comes out at 0.41, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.28 versus 0.41 over 3 years. The 5-year figure is 0.44, and annualized covariance runs at 198.6 %².
By 3-year correlation, SPY places #7 of the 14 assets tracked against SKYW. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 39.9 percentage points (-19.3% for SKYW against +20.6% for SPY). Risk is not evenly split, since SKYW carries 2.3 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.
SKYW vs SPY: side by side
| SKYW (SkyWest, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.3% | +20.6% |
| 5-year return | +114.2% | +82.4% |
| Volatility (ann.) | 33.3% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -36.6% | -18.8% |
| Market cap | $3.8B | – |
| P/E (trailing) | 9.8 | – |
| 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 | SKYW | SPY |
|---|---|---|
| 2022 | -58.0% | -18.2% |
| 2023 | +216.2% | +26.2% |
| 2024 | +91.8% | +24.9% |
| 2025 | +0.3% | +17.7% |
| 2026 | -1.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SKYW and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SKYW and SPY?
The SKYW/SPY correlation stands at 0.41 on a 3-year window (1 year: 0.28, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SKYW?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
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: SKYW correlations · SPY correlations
