SOS vs SPY: Correlation
Measured on weekly returns over the past three years, SOS Limited Class A (SOS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SOS and SPY?
On 3 years of weekly data the SOS/SPY correlation comes out at 0.15, weak. The relationship has been stable: the 1-year correlation (0.12) sits close to the 3-year figure. The 5-year figure is 0.19, and annualized covariance runs at 236.8 %².
SPY is close to the least connected end of SOS's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with SPY ahead by 65.2 points (-44.6% versus +20.6%). One caveat on sizing: SOS is 7.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
SOS vs SPY: side by side
| SOS (SOS Limited Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -44.6% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 110.9% | 14.5% |
| Beta vs S&P 500 | 1.13 | 1.00 |
| Max drawdown (3Y) | -99.2% | -18.8% |
| Market cap | – | – |
| 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 | SOS | SPY |
|---|---|---|
| 2022 | -93.4% | -18.2% |
| 2023 | +68.5% | +26.2% |
| 2024 | -90.1% | +24.9% |
| 2025 | -79.7% | +17.7% |
| 2026 | -33.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SOS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between SOS and SPY?
As of 2026-08-27, the correlation of weekly returns between SOS and SPY is 0.15 over 3 years, 0.12 over 1 year and 0.19 over 5 years.
Is SPY a good diversifier for SOS?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 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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Related comparisons
Hubs: SOS correlations · SPY correlations
