SNX vs SPY: Correlation
Measured on weekly returns over the past three years, TD SYNNEX Corporation (SNX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNX and SPY?
On 3 years of weekly data the SNX/SPY correlation comes out at 0.53, moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.53 over 3. The 5-year figure is 0.58, and annualized covariance runs at 240.9 %².
Among the 14 assets we track against SNX, SPY ranks #7 by 3-year correlation. The last year tells two different stories: SNX led by 55.6 percentage points, +76.2% for SNX against +20.6% for SPY. Note the risk asymmetry: SNX runs 2.2 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.
SNX vs SPY: side by side
| SNX (TD SYNNEX Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +76.2% | +20.6% |
| 5-year return | +114.5% | +82.4% |
| Volatility (ann.) | 31.3% | 14.5% |
| Beta vs S&P 500 | 1.15 | 1.00 |
| Max drawdown (3Y) | -33.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 18.6 | – |
| Dividend yield | 0.74% | 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 | SNX | SPY |
|---|---|---|
| 2022 | -16.1% | -18.2% |
| 2023 | +15.3% | +26.2% |
| 2024 | +10.5% | +24.9% |
| 2025 | +29.8% | +17.7% |
| 2026 | +74.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNX and SPY good diversifiers for each other?
Only partially. A correlation of 0.53 means SNX and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SNX and SPY?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.46 over the last year and 0.58 over 5 years.
Is SPY a good diversifier for SNX?
Only partially. A correlation of 0.53 means SNX and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
A reading of 0.53 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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Hubs: SNX correlations · SPY correlations
