SLB vs SPY: Correlation
How closely do Schlumberger (SLB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLB and SPY?
Across a 3-year window, the weekly returns of SLB and SPY correlate at 0.23, weak. Lately the two have drifted apart, with the 1-year correlation at -0.04 versus 0.23 over 3 years. Stretching to 5 years gives 0.29, with an annualized covariance of 118.6 %².
By 3-year correlation, SPY places #24 of the 35 assets tracked against SLB. Correlation aside, the last 12 months split them widely, with SLB ahead by 36.5 points (+57.1% versus +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.05 to 0.49. Risk is not evenly split, since SLB carries 2.4 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.
SLB vs SPY: side by side
| SLB (Schlumberger) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.1% | +20.6% |
| 5-year return | +117.1% | +82.4% |
| Volatility (ann.) | 35.1% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -46.6% | -18.8% |
| Market cap | $81.6B | – |
| P/E (trailing) | 26.2 | – |
| Dividend yield | 2.16% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | 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 | SLB | SPY |
|---|---|---|
| 2022 | +81.2% | -18.2% |
| 2023 | -0.8% | +26.2% |
| 2024 | -24.5% | +24.9% |
| 2025 | +3.3% | +17.7% |
| 2026 | +44.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds SLB at a 0.12% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are SLB and SPY good diversifiers for each other?
Reasonably. At 0.23, SLB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SLB and SPY?
The SLB/SPY correlation stands at 0.23 on a 3-year window (1 year: -0.04, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SLB?
Reasonably. At 0.23, SLB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Hubs: SLB correlations · SPY correlations
