SNDR vs SPY: Correlation
Schneider National, Inc. (SNDR) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNDR and SPY?
Over the past 3 years, SNDR and SPY moved with a correlation of 0.25, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.25 over 3 years. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 108.3 %².
SPY is close to the least connected end of SNDR's tracked universe, ranking #10 of 14. The last year tells two different stories: SNDR led by 22.7 percentage points, +43.3% for SNDR against +20.6% for SPY. Note the risk asymmetry: SNDR runs 2.1 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.
SNDR vs SPY: side by side
| SNDR (Schneider National, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +43.3% | +20.6% |
| 5-year return | +63.2% | +82.4% |
| Volatility (ann.) | 30.0% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -38.8% | -18.8% |
| Market cap | $6.2B | – |
| P/E (trailing) | 55.1 | – |
| Dividend yield | 1.11% | 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 | SNDR | SPY |
|---|---|---|
| 2022 | -11.9% | -18.2% |
| 2023 | +10.2% | +26.2% |
| 2024 | +16.8% | +24.9% |
| 2025 | -8.0% | +17.7% |
| 2026 | +33.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNDR and SPY good diversifiers for each other?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SNDR and SPY?
The SNDR/SPY correlation stands at 0.25 on a 3-year window (1 year: 0.09, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SNDR?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: SNDR correlations · SPY correlations
