SLND vs SPY: Correlation
Southland Holdings, Inc. (SLND) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.11.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLND and SPY?
Over the past 3 years, SLND and SPY moved with a correlation of 0.11, which is weak. The past 12 months show a weaker link (-0.06) than the 3-year average (0.11). Over 5 years the correlation is 0.06, and the annualized covariance of weekly returns is 129.0 %².
Within SLND's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 104.6 points (-84.0% versus +20.6%). Note the risk asymmetry: SLND runs 5.5 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.
SLND vs SPY: side by side
| SLND (Southland Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -84.0% | +20.6% |
| 5-year return | -93.4% | +82.4% |
| Volatility (ann.) | 80.0% | 14.5% |
| Beta vs S&P 500 | 0.62 | 1.00 |
| Max drawdown (3Y) | -92.3% | -18.8% |
| Market cap | – | – |
| 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 | SLND | SPY |
|---|---|---|
| 2022 | +2.9% | -18.2% |
| 2023 | -49.5% | +26.2% |
| 2024 | -37.0% | +24.9% |
| 2025 | +2.2% | +17.7% |
| 2026 | -80.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLND and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between SLND and SPY?
As of 2026-08-27, the correlation of weekly returns between SLND and SPY is 0.11 over 3 years, -0.06 over 1 year and 0.06 over 5 years.
Is SPY a good diversifier for SLND?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 mean?
A reading of 0.11 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/slnd-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/slnd-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SLND correlations · SPY correlations
