SLRC vs SPY: Correlation
How closely do SLR Investment Corp. - Closed End Fund (SLRC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SLRC and SPY?
On 3 years of weekly data the SLRC/SPY correlation comes out at 0.42, moderate. Recent behaviour matches the longer record: 0.34 over 1 year against 0.42 over 3. The 5-year figure is 0.53, and annualized covariance runs at 117.8 %².
Among the 14 assets we track against SLRC, SPY ranks #7 by 3-year correlation. The last year tells two different stories: SPY led by 36.3 percentage points, -15.7% for SLRC against +20.6% for SPY.
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.
SLRC vs SPY: side by side
| SLRC (SLR Investment Corp. - Closed End Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.7% | +20.6% |
| 5-year return | +11.2% | +82.4% |
| Volatility (ann.) | 19.4% | 14.5% |
| Beta vs S&P 500 | 0.56 | 1.00 |
| Max drawdown (3Y) | -22.4% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 9.2 | – |
| Dividend yield | 12.31% | 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 | SLRC | SPY |
|---|---|---|
| 2022 | -16.1% | -18.2% |
| 2023 | +20.6% | +26.2% |
| 2024 | +19.1% | +24.9% |
| 2025 | +5.7% | +17.7% |
| 2026 | -14.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SLRC and SPY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SLRC and SPY?
As of 2026-08-27, the correlation of weekly returns between SLRC and SPY is 0.42 over 3 years, 0.34 over 1 year and 0.53 over 5 years.
Is SPY a good diversifier for SLRC?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 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: SLRC correlations · SPY correlations
