SPRU vs SPY: Correlation
Spruce Power Holding Corporation (SPRU) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPRU and SPY?
On 3 years of weekly data the SPRU/SPY correlation comes out at 0.18, weak. The past 12 months show a weaker link (0.03) than the 3-year average (0.18). The 5-year figure is 0.30, and annualized covariance runs at 215.2 %².
SPY is close to the least connected end of SPRU's tracked universe, ranking #7 of 11. On 12-month performance SPRU holds a 7.3-point edge, +27.9% against +20.6%. Note the risk asymmetry: SPRU runs 5.8 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.
SPRU vs SPY: side by side
| SPRU (Spruce Power Holding Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.9% | +20.6% |
| 5-year return | -96.5% | +82.4% |
| Volatility (ann.) | 84.6% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -83.1% | -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 | SPRU | SPY |
|---|---|---|
| 2022 | -72.2% | -18.2% |
| 2023 | -39.9% | +26.2% |
| 2024 | -32.8% | +24.9% |
| 2025 | +71.4% | +17.7% |
| 2026 | -63.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPRU and SPY good diversifiers for each other?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between SPRU and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.03 over the last year and 0.30 over 5 years.
Is SPY a good diversifier for SPRU?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.18 mean?
On the −1 to +1 scale, 0.18 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: SPRU correlations · SPY correlations
