SPH vs SPY: Correlation
Measured on weekly returns over the past three years, Suburban Propane Partners, L.P. (SPH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPH and SPY?
On 3 years of weekly data the SPH/SPY correlation comes out at 0.13, weak. The link has loosened recently: the 1-year correlation (-0.16) runs below the 3-year figure (0.13). The 5-year figure is 0.24, and annualized covariance runs at 47.5 %².
Out of 10 assets tracked against SPH, SPY lands near the bottom at #6. The last year tells two different stories: SPY led by 19.9 percentage points, +0.7% for SPH against +20.6% for SPY. One caveat on sizing: SPH is 1.8 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.
SPH vs SPY: side by side
| SPH (Suburban Propane Partners, L.P.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +0.7% | +20.6% |
| 5-year return | +66.9% | +82.4% |
| Volatility (ann.) | 25.4% | 14.5% |
| Beta vs S&P 500 | 0.23 | 1.00 |
| Max drawdown (3Y) | -20.0% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 9.1 | – |
| Dividend yield | 7.34% | 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 | SPH | SPY |
|---|---|---|
| 2022 | +12.3% | -18.2% |
| 2023 | +27.0% | +26.2% |
| 2024 | +3.8% | +24.9% |
| 2025 | +15.2% | +17.7% |
| 2026 | -0.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPH and SPY good diversifiers for each other?
Yes. With a correlation of 0.13, SPH and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPH and SPY?
As of 2026-08-27, the correlation of weekly returns between SPH and SPY is 0.13 over 3 years, -0.16 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for SPH?
Yes. With a correlation of 0.13, SPH and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.13 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: SPH correlations · SPY correlations
