SNEX vs SPY: Correlation
StoneX Group Inc. (SNEX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNEX and SPY?
On 3 years of weekly data the SNEX/SPY correlation comes out at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.28 lands near the 3-year figure. The 5-year figure is 0.33, and annualized covariance runs at 188.7 %².
Among the 10 assets we track against SNEX, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with SNEX ahead by 33.2 points (+53.8% versus +20.6%). Risk is not evenly split, since SNEX carries 2.6 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.
SNEX vs SPY: side by side
| SNEX (StoneX Group Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +53.8% | +20.6% |
| 5-year return | +414.2% | +82.4% |
| Volatility (ann.) | 37.4% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -30.2% | -18.8% |
| Market cap | $8.2B | – |
| P/E (trailing) | 18.7 | – |
| 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 | SNEX | SPY |
|---|---|---|
| 2022 | +55.6% | -18.2% |
| 2023 | +16.2% | +26.2% |
| 2024 | +32.7% | +24.9% |
| 2025 | +45.7% | +17.7% |
| 2026 | +61.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNEX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SNEX and SPY?
As of 2026-08-27, the correlation of weekly returns between SNEX and SPY is 0.35 over 3 years, 0.28 over 1 year and 0.33 over 5 years.
Is SPY a good diversifier for SNEX?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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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Hubs: SNEX correlations · SPY correlations
