SPY vs SRE: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Sempra (SRE) carry a correlation of 0.23, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SRE?
Across a 3-year window, the weekly returns of SPY and SRE correlate at 0.23, weak. The link has loosened recently: the 1-year correlation (-0.19) runs below the 3-year figure (0.23). Stretching to 5 years gives 0.36, with an annualized covariance of 79.9 %².
Within SPY's tracked universe of 4755 assets, SRE comes in at #2978 by 3-year correlation. Over the last 12 months SPY came out ahead by 14.6 percentage points (+20.6% against +6.0%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.23 to 0.51. Risk is not evenly split, since SRE carries 1.6 times the volatility of the other side.
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 SRE: side by side
| SPY (SPDR S&P 500 ETF Trust) | SRE (Sempra) | |
|---|---|---|
| 1-year return | +20.6% | +6.0% |
| 5-year return | +82.4% | +50.4% |
| Volatility (ann.) | 14.5% | 23.9% |
| Beta vs S&P 500 | 1.00 | 0.38 |
| Max drawdown (3Y) | -18.8% | -31.6% |
| Market cap | – | $55.4B |
| P/E (trailing) | – | 24.7 |
| Dividend yield | 1.01% | 3.06% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Utilities |
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 | SPY | SRE |
|---|---|---|
| 2022 | -18.2% | +20.3% |
| 2023 | +26.2% | -0.1% |
| 2024 | +24.9% | +21.1% |
| 2025 | +17.7% | +3.9% |
| 2026 | +13.7% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.08% of SPY is SRE itself, so the fund partly moves with the stock by construction.
Are SPY and SRE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and SRE?
As of 2026-08-27, the correlation of weekly returns between SPY and SRE is 0.23 over 3 years, -0.19 over 1 year and 0.36 over 5 years.
Is SRE a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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-sre.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/spy-vs-sre/)
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Related comparisons
Hubs: SPY correlations · SRE correlations
