SPY vs SRFM: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Surf Air Mobility Inc. (SRFM) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SRFM?
On 3 years of weekly data the SPY/SRFM correlation comes out at 0.33, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.52 versus 0.33 over 3 years. The 5-year figure is n/a, and annualized covariance runs at 719.9 %².
Within SPY's tracked universe of 4755 assets, SRFM comes in at #1905 by 3-year correlation. The last year tells two different stories: SPY led by 104.5 percentage points, +20.6% for SPY against -83.9% for SRFM. One caveat on sizing: SRFM is 10.4 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.
SPY vs SRFM: side by side
| SPY (SPDR S&P 500 ETF Trust) | SRFM (Surf Air Mobility Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -83.9% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 150.4% |
| Beta vs S&P 500 | 1.00 | 3.45 |
| Max drawdown (3Y) | -18.8% | -96.2% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SRFM |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | -50.3% |
| 2025 | +17.7% | -64.0% |
| 2026 | +13.7% | -62.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SRFM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and SRFM?
As of 2026-08-27, the correlation of weekly returns between SPY and SRFM is 0.33 over 3 years, 0.52 over 1 year and n/a over 5 years.
Is SRFM a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-srfm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-srfm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · SRFM correlations
