SLI vs SPY: Correlation
Standard Lithium Ltd. (SLI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLI and SPY?
On 3 years of weekly data the SLI/SPY correlation comes out at 0.23, weak. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. The 5-year figure is 0.38, and annualized covariance runs at 252.6 %².
Among the 12 assets we track against SLI, SPY sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 31.4 percentage points (-10.8% for SLI against +20.6% for SPY). Note the risk asymmetry: SLI runs 5.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SLI vs SPY: side by side
| SLI (Standard Lithium Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.8% | +20.6% |
| 5-year return | -51.8% | +82.4% |
| Volatility (ann.) | 77.0% | 14.5% |
| Beta vs S&P 500 | 1.21 | 1.00 |
| Max drawdown (3Y) | -69.9% | -18.8% |
| Market cap | $0.7B | – |
| 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 | SLI | SPY |
|---|---|---|
| 2022 | -69.9% | -18.2% |
| 2023 | -31.5% | +26.2% |
| 2024 | -27.7% | +24.9% |
| 2025 | +206.2% | +17.7% |
| 2026 | -40.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SLI and SPY?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.23 over the last year and 0.38 over 5 years.
Is SPY a good diversifier for SLI?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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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Hubs: SLI correlations · SPY correlations
