SPG vs SPY: Correlation
Simon Property Group (SPG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPG and SPY?
Over the past 3 years, SPG and SPY moved with a correlation of 0.50, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.17 versus 0.50 over 3 years. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 165.0 %².
Within SPG's tracked universe of 37 assets, SPY comes in at #24 by 3-year correlation. Over the last 12 months SPG came out ahead by 5.7 percentage points (+26.3% against +20.6%). This link changes with the market regime, having swung between 0.16 and 0.75 on a rolling one-year basis. Note the risk asymmetry: SPG runs 1.6 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.
SPG vs SPY: side by side
| SPG (Simon Property Group) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.3% | +20.6% |
| 5-year return | +110.2% | +82.4% |
| Volatility (ann.) | 22.7% | 14.5% |
| Beta vs S&P 500 | 0.79 | 1.00 |
| Max drawdown (3Y) | -24.3% | -18.8% |
| Market cap | $81.6B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 4.05% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | SPG | SPY |
|---|---|---|
| 2022 | -21.9% | -18.2% |
| 2023 | +29.2% | +26.2% |
| 2024 | +26.9% | +24.9% |
| 2025 | +12.9% | +17.7% |
| 2026 | +18.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
SPG represents 0.11% of SPY's portfolio, so part of any move in SPY is SPG itself, and the correlation between them is partly mechanical.
Are SPG and SPY good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPG and SPY?
As of 2026-08-27, the correlation of weekly returns between SPG and SPY is 0.50 over 3 years, 0.17 over 1 year and 0.60 over 5 years.
Is SPY a good diversifier for SPG?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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: SPG correlations · SPY correlations
