SMX vs SPY: Correlation
How closely do SMX (Security Matters) Public Limited Company (SMX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.11, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SMX and SPY?
On 3 years of weekly data the SMX/SPY correlation comes out at 0.11, weak. Recent behaviour matches the longer record: 0.20 over 1 year against 0.11 over 3. The 5-year figure is 0.08, and annualized covariance runs at 1433.2 %².
SPY is close to the least connected end of SMX's tracked universe, ranking #11 of 15. The last year tells two different stories: SPY led by 116.8 percentage points, -96.2% for SMX against +20.6% for SPY. One caveat on sizing: SMX is 60.0 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.
SMX vs SPY: side by side
| SMX (SMX (Security Matters) Public Limited Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -96.2% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 869.6% | 14.5% |
| Beta vs S&P 500 | 6.86 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | – | – |
| 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 | SMX | SPY |
|---|---|---|
| 2022 | +3.5% | -18.2% |
| 2023 | -99.7% | +26.2% |
| 2024 | -98.9% | +24.9% |
| 2025 | -99.7% | +17.7% |
| 2026 | -90.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SMX and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
FAQ
What is the correlation between SMX and SPY?
As of 2026-08-27, the correlation of weekly returns between SMX and SPY is 0.11 over 3 years, 0.20 over 1 year and 0.08 over 5 years.
Is SPY a good diversifier for SMX?
By historical standards, yes. A correlation of 0.11 means the two rarely move for the same reasons.
What does a correlation of 0.11 mean?
A reading of 0.11 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: SMX correlations · SPY correlations
