SND vs SPY: Correlation
Smart Sand, Inc. (SND) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.08.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SND and SPY?
Over the past 3 years, SND and SPY moved with a correlation of 0.08, which is near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.19) than the 3-year average (0.08). Over 5 years the correlation is 0.20, and the annualized covariance of weekly returns is 70.5 %².
Out of 12 assets tracked against SND, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months SND outperformed by 148.9 percentage points (+169.5% for SND against +20.6% for SPY). Note the risk asymmetry: SND runs 4.0 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.
SND vs SPY: side by side
| SND (Smart Sand, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +169.5% | +20.6% |
| 5-year return | +141.8% | +82.4% |
| Volatility (ann.) | 57.5% | 14.5% |
| Beta vs S&P 500 | 0.34 | 1.00 |
| Max drawdown (3Y) | -33.3% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 19.4 | – |
| 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 | SND | SPY |
|---|---|---|
| 2022 | +0.6% | -18.2% |
| 2023 | +7.8% | +26.2% |
| 2024 | +22.1% | +24.9% |
| 2025 | +89.8% | +17.7% |
| 2026 | +31.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SND and SPY good diversifiers for each other?
Yes. With a correlation of 0.08, SND and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SND and SPY?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with -0.19 over the last year and 0.20 over 5 years.
Is SPY a good diversifier for SND?
Yes. With a correlation of 0.08, SND and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.08 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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Hubs: SND correlations · SPY correlations
