SPY vs SSD: Correlation
SPDR S&P 500 ETF Trust (SPY) and Simpson Manufacturing Company, Inc. (SSD) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SSD?
Across a 3-year window, the weekly returns of SPY and SSD correlate at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.21 versus 0.44 over 3 years. Stretching to 5 years gives 0.54, with an annualized covariance of 185.6 %².
Among the 4755 assets we track against SPY, SSD ranks #822 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 25.9 percentage points (+20.6% for SPY against -5.3% for SSD). Note the risk asymmetry: SSD 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 SSD: side by side
| SPY (SPDR S&P 500 ETF Trust) | SSD (Simpson Manufacturing Company, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -5.3% |
| 5-year return | +82.4% | +65.7% |
| Volatility (ann.) | 14.5% | 29.5% |
| Beta vs S&P 500 | 1.00 | 0.89 |
| Max drawdown (3Y) | -18.8% | -34.4% |
| Market cap | – | $7.5B |
| P/E (trailing) | – | 20.3 |
| Dividend yield | 1.01% | 0.63% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SSD |
|---|---|---|
| 2022 | -18.2% | -35.6% |
| 2023 | +26.2% | +125.4% |
| 2024 | +24.9% | -15.7% |
| 2025 | +17.7% | -1.9% |
| 2026 | +13.7% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SSD good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and SSD?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.21 over the last year and 0.54 over 5 years.
Is SSD a good diversifier for SPY?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
A reading of 0.44 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-ssd.json
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[](https://www.pairbook.io/pair/spy-vs-ssd/)
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Related comparisons
Hubs: SPY correlations · SSD correlations
