SN vs SPY: Correlation
SharkNinja, Inc. (SN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SN and SPY?
On 3 years of weekly data the SN/SPY correlation comes out at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at 299.2 %².
Within SN's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: SN led by 39.7 percentage points, +60.3% for SN against +20.6% for SPY. Risk is not evenly split, since SN carries 3.0 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.
SN vs SPY: side by side
| SN (SharkNinja, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +60.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 43.5% | 14.5% |
| Beta vs S&P 500 | 1.43 | 1.00 |
| Max drawdown (3Y) | -42.6% | -18.8% |
| Market cap | $27.3B | – |
| P/E (trailing) | 39.4 | – |
| 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 | SN | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +90.3% | +24.9% |
| 2025 | +14.9% | +17.7% |
| 2026 | +72.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SN and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.39 over the last year and n/a over 5 years.
Is SPY a good diversifier for SN?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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: SN correlations · SPY correlations
