SMCI vs SPY: Correlation
Supermicro (SMCI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMCI and SPY?
Over the past 3 years, SMCI and SPY moved with a correlation of 0.42, which is moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 642.7 %².
By 3-year correlation, SPY places #19 of the 29 assets tracked against SMCI. Correlation aside, the last 12 months split them widely, with SPY ahead by 34.7 points (-14.1% versus +20.6%). The rolling one-year correlation moved between 0.23 and 0.60 over the past three years, a moderate range. Risk is not evenly split, since SMCI carries 7.4 times the volatility of the other side.
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.
SMCI vs SPY: side by side
| SMCI (Supermicro) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.1% | +20.6% |
| 5-year return | +983.4% | +82.4% |
| Volatility (ann.) | 107.1% | 14.5% |
| Beta vs S&P 500 | 3.08 | 1.00 |
| Max drawdown (3Y) | -84.8% | -18.8% |
| Market cap | $24.9B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | SMCI | SPY |
|---|---|---|
| 2022 | +86.8% | -18.2% |
| 2023 | +246.2% | +26.2% |
| 2024 | +7.2% | +24.9% |
| 2025 | -4.0% | +17.7% |
| 2026 | +31.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMCI and SPY good diversifiers for each other?
Reasonably. At 0.42, SMCI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SMCI and SPY?
As of 2026-08-27, the correlation of weekly returns between SMCI and SPY is 0.42 over 3 years, 0.38 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for SMCI?
Reasonably. At 0.42, SMCI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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: SMCI correlations · SPY correlations
