SPY vs SSRM: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and SSR Mining Inc. (SSRM) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SSRM?
Across a 3-year window, the weekly returns of SPY and SSRM correlate at 0.22, weak. The link has tightened recently: the 1-year correlation (0.37) runs above the 3-year figure (0.22). Stretching to 5 years gives 0.21, with an annualized covariance of 205.1 %².
Among the 4755 assets we track against SPY, SSRM ranks #3083 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SSRM outperformed by 91.2 percentage points (+20.6% for SPY against +111.8% for SSRM). One caveat on sizing: SSRM is 4.5 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 SSRM: side by side
| SPY (SPDR S&P 500 ETF Trust) | SSRM (SSR Mining Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +111.8% |
| 5-year return | +82.4% | +149.2% |
| Volatility (ann.) | 14.5% | 64.6% |
| Beta vs S&P 500 | 1.00 | 0.98 |
| Max drawdown (3Y) | -18.8% | -73.4% |
| Market cap | – | $8.0B |
| P/E (trailing) | – | 14.7 |
| Dividend yield | 1.01% | 0.08% |
| 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 | SSRM |
|---|---|---|
| 2022 | -18.2% | -10.0% |
| 2023 | +26.2% | -29.9% |
| 2024 | +24.9% | -35.3% |
| 2025 | +17.7% | +214.9% |
| 2026 | +13.7% | +78.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SSRM good diversifiers for each other?
Reasonably. At 0.22, SPY and SSRM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and SSRM?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.37 over the last year and 0.21 over 5 years.
Is SSRM a good diversifier for SPY?
Reasonably. At 0.22, SPY and SSRM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · SSRM correlations
