SPY vs SRL: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Scully Royalty Ltd. (SRL) trade together? Their weekly returns over three years give a correlation of 0.10, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SRL?
On 3 years of weekly data the SPY/SRL correlation comes out at 0.10, weak. Recent behaviour matches the longer record: 0.01 over 1 year against 0.10 over 3. The 5-year figure is 0.21, and annualized covariance runs at 70.8 %².
Within SPY's tracked universe of 4755 assets, SRL comes in at #4113 by 3-year correlation. On 12-month performance SPY holds a 10.4-point edge, +20.6% against +10.2%. Risk is not evenly split, since SRL carries 3.4 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 SRL: side by side
| SPY (SPDR S&P 500 ETF Trust) | SRL (Scully Royalty Ltd.) | |
|---|---|---|
| 1-year return | +20.6% | +10.2% |
| 5-year return | +82.4% | -40.6% |
| Volatility (ann.) | 14.5% | 50.0% |
| Beta vs S&P 500 | 1.00 | 0.34 |
| Max drawdown (3Y) | -18.8% | -51.2% |
| 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 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 | SRL |
|---|---|---|
| 2022 | -18.2% | -4.5% |
| 2023 | +26.2% | -19.1% |
| 2024 | +24.9% | +51.6% |
| 2025 | +17.7% | -4.5% |
| 2026 | +13.7% | -31.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SRL good diversifiers for each other?
Yes. With a correlation of 0.10, SPY and SRL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and SRL?
Using weekly returns as of 2026-08-27: 0.10 over 3 years, with 0.01 over the last year and 0.21 over 5 years.
Is SRL a good diversifier for SPY?
Yes. With a correlation of 0.10, SPY and SRL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.10 mean?
On the −1 to +1 scale, 0.10 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: SPY correlations · SRL correlations
