SMC vs SPY: Correlation
How closely do Summit Midstream Corporation (SMC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.12, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMC and SPY?
On 3 years of weekly data the SMC/SPY correlation comes out at 0.12, weak. The past 12 months show a weaker link (-0.17) than the 3-year average (0.12). The 5-year figure is 0.19, and annualized covariance runs at 90.8 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against SMC. Their recent paths diverged sharply: over the last 12 months SMC outperformed by 44.6 percentage points (+65.2% for SMC against +20.6% for SPY). One caveat on sizing: SMC is 3.6 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.
SMC vs SPY: side by side
| SMC (Summit Midstream Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +65.2% | +20.6% |
| 5-year return | +1.2% | +82.4% |
| Volatility (ann.) | 52.2% | 14.5% |
| Beta vs S&P 500 | 0.43 | 1.00 |
| Max drawdown (3Y) | -57.3% | -18.8% |
| Market cap | $0.5B | – |
| 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 | SMC | SPY |
|---|---|---|
| 2022 | -24.9% | -18.2% |
| 2023 | +7.4% | +26.2% |
| 2024 | +110.9% | +24.9% |
| 2025 | -29.4% | +17.7% |
| 2026 | +27.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMC and SPY good diversifiers for each other?
Yes. With a correlation of 0.12, SMC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SMC and SPY?
As of 2026-08-27, the correlation of weekly returns between SMC and SPY is 0.12 over 3 years, -0.17 over 1 year and 0.19 over 5 years.
Is SPY a good diversifier for SMC?
Yes. With a correlation of 0.12, SMC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: SMC correlations · SPY correlations
