SLDP vs SPY: Correlation
Solid Power, Inc. (SLDP) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLDP and SPY?
Over the past 3 years, SLDP and SPY moved with a correlation of 0.31, which is moderate. Little has changed lately, as the 1-year reading of 0.22 lands near the 3-year figure. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 392.2 %².
Out of 23 assets tracked against SLDP, SPY lands near the bottom at #19. Correlation aside, the last 12 months split them widely, with SPY ahead by 67.0 points (-46.4% versus +20.6%). Risk is not evenly split, since SLDP carries 6.0 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.
SLDP vs SPY: side by side
| SLDP (Solid Power, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -46.4% | +20.6% |
| 5-year return | -76.1% | +82.4% |
| Volatility (ann.) | 87.4% | 14.5% |
| Beta vs S&P 500 | 1.88 | 1.00 |
| Max drawdown (3Y) | -76.5% | -18.8% |
| Market cap | $0.5B | – |
| 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 | SLDP | SPY |
|---|---|---|
| 2022 | -70.9% | -18.2% |
| 2023 | -42.9% | +26.2% |
| 2024 | +30.3% | +24.9% |
| 2025 | +124.9% | +17.7% |
| 2026 | -44.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLDP and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SLDP and SPY?
As of 2026-08-27, the correlation of weekly returns between SLDP and SPY is 0.31 over 3 years, 0.22 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for SLDP?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
A reading of 0.31 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SLDP correlations · SPY correlations
