SPB vs SPY: Correlation
Spectrum Brands Holdings, Inc. (SPB) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPB and SPY?
Across a 3-year window, the weekly returns of SPB and SPY correlate at 0.37, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.37 over 3 years. Stretching to 5 years gives 0.44, with an annualized covariance of 172.5 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against SPB. Correlation aside, the last 12 months split them widely, with SPB ahead by 40.1 points (+60.7% versus +20.6%). Note the risk asymmetry: SPB 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.
SPB vs SPY: side by side
| SPB (Spectrum Brands Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +60.7% | +20.6% |
| 5-year return | +26.1% | +82.4% |
| Volatility (ann.) | 31.9% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -46.3% | -18.8% |
| Market cap | $2.0B | – |
| P/E (trailing) | 27.7 | – |
| Dividend yield | 2.11% | 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 | SPB | SPY |
|---|---|---|
| 2022 | -38.7% | -18.2% |
| 2023 | +34.1% | +26.2% |
| 2024 | +8.0% | +24.9% |
| 2025 | -27.9% | +17.7% |
| 2026 | +52.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPB and SPY?
The SPB/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.18, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SPB?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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: SPB correlations · SPY correlations
