SPY vs SST: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and System1, Inc. (SST) trade together? Their weekly returns over three years give a correlation of 0.09, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SST?
On 3 years of weekly data the SPY/SST correlation comes out at 0.09, near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.00 lands near the 3-year figure. The 5-year figure is 0.09, and annualized covariance runs at 196.5 %².
By 3-year correlation, SST places #4172 of the 4755 assets tracked against SPY. The last year tells two different stories: SPY led by 96.1 percentage points, +20.6% for SPY against -75.5% for SST. One caveat on sizing: SST is 10.5 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 SST: side by side
| SPY (SPDR S&P 500 ETF Trust) | SST (System1, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -75.5% |
| 5-year return | +82.4% | -98.1% |
| Volatility (ann.) | 14.5% | 151.9% |
| Beta vs S&P 500 | 1.00 | 0.94 |
| Max drawdown (3Y) | -18.8% | -95.2% |
| Market cap | – | – |
| 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, State Street Investment Management's Large Blend fund, carries $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SST |
|---|---|---|
| 2022 | -18.2% | -52.9% |
| 2023 | +26.2% | -52.7% |
| 2024 | +24.9% | -59.5% |
| 2025 | +17.7% | -56.3% |
| 2026 | +13.7% | -52.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SST good diversifiers for each other?
Yes. With a correlation of 0.09, SPY and SST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and SST?
The SPY/SST correlation stands at 0.09 on a 3-year window (1 year: -0.00, 5 years: 0.09), computed from weekly returns as of 2026-08-27.
Is SST a good diversifier for SPY?
Yes. With a correlation of 0.09, SPY and SST have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.09 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-sst.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-sst/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · SST correlations
