SPY vs SRV: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and NXG Cushing Midstream Energy Fund (SRV) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SRV?
Across a 3-year window, the weekly returns of SPY and SRV correlate at 0.26, weak. The link has loosened recently: the 1-year correlation (-0.11) runs below the 3-year figure (0.26). Stretching to 5 years gives 0.36, with an annualized covariance of 95.5 %².
Within SPY's tracked universe of 4755 assets, SRV comes in at #2670 by 3-year correlation. On 12-month performance SRV holds a 5.2-point edge, +20.6% against +25.8%. Note the risk asymmetry: SRV runs 1.7 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 SRV: side by side
| SPY (SPDR S&P 500 ETF Trust) | SRV (NXG Cushing Midstream Energy Fund) | |
|---|---|---|
| 1-year return | +20.6% | +25.8% |
| 5-year return | +82.4% | +220.3% |
| Volatility (ann.) | 14.5% | 25.1% |
| Beta vs S&P 500 | 1.00 | 0.46 |
| Max drawdown (3Y) | -18.8% | -26.3% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | 3.1 |
| 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 | SRV |
|---|---|---|
| 2022 | -18.2% | +20.1% |
| 2023 | +26.2% | +16.8% |
| 2024 | +24.9% | +50.7% |
| 2025 | +17.7% | +5.0% |
| 2026 | +13.7% | +26.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SRV good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and SRV?
The SPY/SRV correlation stands at 0.26 on a 3-year window (1 year: -0.11, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SRV a good diversifier for SPY?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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 · SRV correlations
