SMID vs SPY: Correlation
Smith-Midland Corporation (SMID) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMID and SPY?
On 3 years of weekly data the SMID/SPY correlation comes out at 0.38, moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.38). The 5-year figure is 0.28, and annualized covariance runs at 330.8 %².
SPY is close to the least connected end of SMID's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with SPY ahead by 59.9 points (-39.3% versus +20.6%). Note the risk asymmetry: SMID runs 4.2 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.
SMID vs SPY: side by side
| SMID (Smith-Midland Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -39.3% | +20.6% |
| 5-year return | +32.1% | +82.4% |
| Volatility (ann.) | 60.2% | 14.5% |
| Beta vs S&P 500 | 1.58 | 1.00 |
| Max drawdown (3Y) | -50.2% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 17.4 | – |
| 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 | SMID | SPY |
|---|---|---|
| 2022 | -56.4% | -18.2% |
| 2023 | +92.7% | +26.2% |
| 2024 | +12.6% | +24.9% |
| 2025 | -18.3% | +17.7% |
| 2026 | -31.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMID and SPY good diversifiers for each other?
Reasonably. At 0.38, SMID and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SMID and SPY?
The SMID/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.21, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SMID?
Reasonably. At 0.38, SMID and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/smid-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/smid-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SMID correlations · SPY correlations
