SPY vs SSTK: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Shutterstock, Inc. (SSTK) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SSTK?
On 3 years of weekly data the SPY/SSTK correlation comes out at 0.35, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.22 versus 0.35 over 3 years. The 5-year figure is 0.45, and annualized covariance runs at 252.8 %².
Within SPY's tracked universe of 4755 assets, SSTK comes in at #1705 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 91.7 percentage points (+20.6% for SPY against -71.1% for SSTK). Risk is not evenly split, since SSTK carries 3.4 times the volatility of the other side.
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 SSTK: side by side
| SPY (SPDR S&P 500 ETF Trust) | SSTK (Shutterstock, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -71.1% |
| 5-year return | +82.4% | -94.3% |
| Volatility (ann.) | 14.5% | 50.0% |
| Beta vs S&P 500 | 1.00 | 1.21 |
| Max drawdown (3Y) | -18.8% | -88.2% |
| Market cap | – | $0.2B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 24.91% |
| 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 | SSTK |
|---|---|---|
| 2022 | -18.2% | -51.7% |
| 2023 | +26.2% | -6.4% |
| 2024 | +24.9% | -35.1% |
| 2025 | +17.7% | -32.7% |
| 2026 | +13.7% | -69.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SSTK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and SSTK?
The SPY/SSTK correlation stands at 0.35 on a 3-year window (1 year: 0.22, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SSTK a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 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-sstk.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-sstk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · SSTK correlations
