SPY vs SQM: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Sociedad Quimica y Minera S.A. (SQM) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SQM?
On 3 years of weekly data the SPY/SQM correlation comes out at 0.25, weak. The relationship has been stable: the 1-year correlation (0.21) sits close to the 3-year figure. The 5-year figure is 0.31, and annualized covariance runs at 163.3 %².
By 3-year correlation, SQM places #2772 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SQM ahead by 52.7 points (+20.6% versus +73.3%). Note the risk asymmetry: SQM runs 3.1 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.
SPY vs SQM: side by side
| SPY (SPDR S&P 500 ETF Trust) | SQM (Sociedad Quimica y Minera S.A.) | |
|---|---|---|
| 1-year return | +20.6% | +73.3% |
| 5-year return | +82.4% | +90.7% |
| Volatility (ann.) | 14.5% | 45.5% |
| Beta vs S&P 500 | 1.00 | 0.78 |
| Max drawdown (3Y) | -18.8% | -51.3% |
| Market cap | – | $23.0B |
| P/E (trailing) | – | 16.1 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SQM |
|---|---|---|
| 2022 | -18.2% | +71.8% |
| 2023 | +26.2% | -18.3% |
| 2024 | +24.9% | -39.4% |
| 2025 | +17.7% | +89.2% |
| 2026 | +13.7% | +18.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SQM good diversifiers for each other?
Reasonably. At 0.25, SPY and SQM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and SQM?
The SPY/SQM correlation stands at 0.25 on a 3-year window (1 year: 0.21, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SQM a good diversifier for SPY?
Reasonably. At 0.25, SPY and SQM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-sqm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-sqm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · SQM correlations
