SMHI vs SPY: Correlation
Measured on weekly returns over the past three years, SEACOR Marine Holdings Inc. (SMHI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.37, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMHI and SPY?
Across a 3-year window, the weekly returns of SMHI and SPY correlate at 0.37, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.07 versus 0.37 over 3 years. Stretching to 5 years gives 0.32, with an annualized covariance of 294.2 %².
Within SMHI's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SMHI outperformed by 26.6 percentage points (+47.2% for SMHI against +20.6% for SPY). Note the risk asymmetry: SMHI runs 3.8 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.
SMHI vs SPY: side by side
| SMHI (SEACOR Marine Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +47.2% | +20.6% |
| 5-year return | +119.6% | +82.4% |
| Volatility (ann.) | 54.8% | 14.5% |
| Beta vs S&P 500 | 1.41 | 1.00 |
| Max drawdown (3Y) | -74.3% | -18.8% |
| Market cap | $0.3B | – |
| 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 | SMHI | SPY |
|---|---|---|
| 2022 | +169.4% | -18.2% |
| 2023 | +37.4% | +26.2% |
| 2024 | -47.9% | +24.9% |
| 2025 | -8.2% | +17.7% |
| 2026 | +58.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMHI and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SMHI and SPY?
The SMHI/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.07, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SMHI?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: SMHI correlations · SPY correlations
