SNDL vs SPY: Correlation
How closely do SNDL Inc. (SNDL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNDL and SPY?
Across a 3-year window, the weekly returns of SNDL and SPY correlate at 0.23, weak. The relationship has been stable: the 1-year correlation (0.24) sits close to the 3-year figure. Stretching to 5 years gives 0.29, with an annualized covariance of 168.5 %².
Out of 18 assets tracked against SNDL, SPY lands near the bottom at #14. Correlation aside, the last 12 months split them widely, with SPY ahead by 67.2 points (-46.6% versus +20.6%). Risk is not evenly split, since SNDL carries 3.5 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.
SNDL vs SPY: side by side
| SNDL (SNDL Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -46.6% | +20.6% |
| 5-year return | -81.9% | +82.4% |
| Volatility (ann.) | 51.2% | 14.5% |
| Beta vs S&P 500 | 0.81 | 1.00 |
| Max drawdown (3Y) | -57.4% | -18.8% |
| Market cap | $0.3B | – |
| 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 | SNDL | SPY |
|---|---|---|
| 2022 | -63.8% | -18.2% |
| 2023 | -21.5% | +26.2% |
| 2024 | +9.1% | +24.9% |
| 2025 | -7.3% | +17.7% |
| 2026 | -18.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNDL and SPY good diversifiers for each other?
Reasonably. At 0.23, SNDL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SNDL and SPY?
As of 2026-08-27, the correlation of weekly returns between SNDL and SPY is 0.23 over 3 years, 0.24 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for SNDL?
Reasonably. At 0.23, SNDL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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: SNDL correlations · SPY correlations
