SPY vs SSB: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and SouthState Bank Corporation (SSB) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SSB?
Over the past 3 years, SPY and SSB moved with a correlation of 0.48, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.48 over 3 years. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 198.1 %².
By 3-year correlation, SSB places #553 of the 4755 assets tracked against SPY. On 12-month performance SPY holds a 13.8-point edge, +20.6% against +6.8%. Note the risk asymmetry: SSB runs 2.0 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 SSB: side by side
| SPY (SPDR S&P 500 ETF Trust) | SSB (SouthState Bank Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +6.8% |
| 5-year return | +82.4% | +76.5% |
| Volatility (ann.) | 14.5% | 28.6% |
| Beta vs S&P 500 | 1.00 | 0.95 |
| Max drawdown (3Y) | -18.8% | -27.6% |
| Market cap | – | $10.3B |
| P/E (trailing) | – | 11.2 |
| Dividend yield | 1.01% | 2.26% |
| 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 | SSB |
|---|---|---|
| 2022 | -18.2% | -2.4% |
| 2023 | +26.2% | +13.8% |
| 2024 | +24.9% | +20.7% |
| 2025 | +17.7% | -3.1% |
| 2026 | +13.7% | +14.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SSB good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and SSB?
The SPY/SSB correlation stands at 0.48 on a 3-year window (1 year: 0.27, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SSB a good diversifier for SPY?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 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.
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Related comparisons
Hubs: SPY correlations · SSB correlations
