SMG vs SPY: Correlation
How closely do Scotts Miracle-Gro Company (The) (SMG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMG and SPY?
Across a 3-year window, the weekly returns of SMG and SPY correlate at 0.28, weak. The link has loosened recently: the 1-year correlation (0.07) runs below the 3-year figure (0.28). Stretching to 5 years gives 0.47, with an annualized covariance of 158.6 %².
SPY is close to the least connected end of SMG's tracked universe, ranking #8 of 12. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 18.8 percentage points (+1.8% for SMG against +20.6% for SPY). Note the risk asymmetry: SMG runs 2.7 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.
SMG vs SPY: side by side
| SMG (Scotts Miracle-Gro Company (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.8% | +20.6% |
| 5-year return | -53.4% | +82.4% |
| Volatility (ann.) | 38.9% | 14.5% |
| Beta vs S&P 500 | 0.76 | 1.00 |
| Max drawdown (3Y) | -47.4% | -18.8% |
| Market cap | $3.5B | – |
| P/E (trailing) | 23.4 | – |
| Dividend yield | 4.30% | 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 | SMG | SPY |
|---|---|---|
| 2022 | -68.8% | -18.2% |
| 2023 | +36.9% | +26.2% |
| 2024 | +8.3% | +24.9% |
| 2025 | -8.0% | +17.7% |
| 2026 | +7.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMG and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SMG and SPY?
The SMG/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.07, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SMG?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
A reading of 0.28 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: SMG correlations · SPY correlations
