SLE vs SPY: Correlation
How closely do Super League Enterprise, Inc. (SLE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLE and SPY?
Across a 3-year window, the weekly returns of SLE and SPY correlate at 0.21, weak. The link has loosened recently: the 1-year correlation (-0.03) runs below the 3-year figure (0.21). Stretching to 5 years gives 0.24, with an annualized covariance of 390.3 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against SLE. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 111.5 percentage points (-90.9% for SLE against +20.6% for SPY). Risk is not evenly split, since SLE carries 8.7 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.
SLE vs SPY: side by side
| SLE (Super League Enterprise, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -90.9% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 126.8% | 14.5% |
| Beta vs S&P 500 | 1.87 | 1.00 |
| Max drawdown (3Y) | -99.9% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 0.0 | – |
| 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 | SLE | SPY |
|---|---|---|
| 2022 | -85.8% | -18.2% |
| 2023 | -77.4% | +26.2% |
| 2024 | -59.3% | +24.9% |
| 2025 | -97.5% | +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 SLE and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SLE and SPY?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with -0.03 over the last year and 0.24 over 5 years.
Is SPY a good diversifier for SLE?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 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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Related comparisons
Hubs: SLE correlations · SPY correlations
