SPHR vs SPY: Correlation
Sphere Entertainment Co. (SPHR) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPHR and SPY?
On 3 years of weekly data the SPHR/SPY correlation comes out at 0.43, moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.43). The 5-year figure is 0.43, and annualized covariance runs at 321.0 %².
SPY is close to the least connected end of SPHR's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPHR outperformed by 222.1 percentage points (+242.7% for SPHR against +20.6% for SPY). Note the risk asymmetry: SPHR runs 3.5 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.
SPHR vs SPY: side by side
| SPHR (Sphere Entertainment Co.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +242.7% | +20.6% |
| 5-year return | +308.6% | +82.4% |
| Volatility (ann.) | 51.1% | 14.5% |
| Beta vs S&P 500 | 1.54 | 1.00 |
| Max drawdown (3Y) | -52.3% | -18.8% |
| Market cap | $5.3B | – |
| 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 | SPHR | SPY |
|---|---|---|
| 2022 | -36.1% | -18.2% |
| 2023 | +63.5% | +26.2% |
| 2024 | +18.7% | +24.9% |
| 2025 | +135.8% | +17.7% |
| 2026 | +55.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPHR and SPY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPHR and SPY?
The SPHR/SPY correlation stands at 0.43 on a 3-year window (1 year: 0.26, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SPHR?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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: SPHR correlations · SPY correlations
