SNA vs SPY: Correlation
Snap-on (SNA) 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 SNA and SPY?
On 3 years of weekly data the SNA/SPY correlation comes out at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.25) runs below the 3-year figure (0.48). The 5-year figure is 0.54, and annualized covariance runs at 146.1 %².
By 3-year correlation, SPY places #23 of the 34 assets tracked against SNA. Neither side won the trailing year by much: +23.1% against +20.6%. Across three years, the rolling one-year figure varied moderately, from 0.24 to 0.66.
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.
SNA vs SPY: side by side
| SNA (Snap-on) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.1% | +20.6% |
| 5-year return | +99.6% | +82.4% |
| Volatility (ann.) | 21.3% | 14.5% |
| Beta vs S&P 500 | 0.70 | 1.00 |
| Max drawdown (3Y) | -20.8% | -18.8% |
| Market cap | $20.5B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 2.38% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | SNA | SPY |
|---|---|---|
| 2022 | +8.9% | -18.2% |
| 2023 | +29.7% | +26.2% |
| 2024 | +20.7% | +24.9% |
| 2025 | +4.3% | +17.7% |
| 2026 | +17.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNA 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 SNA and SPY?
The SNA/SPY correlation stands at 0.48 on a 3-year window (1 year: 0.25, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SNA?
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: SNA correlations · SPY correlations
