SLGN vs SPY: Correlation
How closely do Silgan Holdings Inc. (SLGN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLGN and SPY?
On 3 years of weekly data the SLGN/SPY correlation comes out at 0.29, weak. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.29). The 5-year figure is 0.40, and annualized covariance runs at 121.9 %².
Out of 26 assets tracked against SLGN, SPY lands near the bottom at #22. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 28.5 percentage points (-7.9% for SLGN against +20.6% for SPY). One caveat on sizing: SLGN is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SLGN vs SPY: side by side
| SLGN (Silgan Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.9% | +20.6% |
| 5-year return | +5.9% | +82.4% |
| Volatility (ann.) | 29.4% | 14.5% |
| Beta vs S&P 500 | 0.58 | 1.00 |
| Max drawdown (3Y) | -35.0% | -18.8% |
| Market cap | $4.4B | – |
| P/E (trailing) | 16.9 | – |
| Dividend yield | 1.91% | 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 | SLGN | SPY |
|---|---|---|
| 2022 | +22.7% | -18.2% |
| 2023 | -11.3% | +26.2% |
| 2024 | +16.8% | +24.9% |
| 2025 | -21.1% | +17.7% |
| 2026 | +4.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLGN and SPY good diversifiers for each other?
Reasonably. At 0.29, SLGN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SLGN and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.10 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for SLGN?
Reasonably. At 0.29, SLGN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 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: SLGN correlations · SPY correlations
