SPY vs STE: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Steris (STE) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and STE?
Across a 3-year window, the weekly returns of SPY and STE correlate at 0.28, weak. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.28 over 3 years. Stretching to 5 years gives 0.48, with an annualized covariance of 89.9 %².
By 3-year correlation, STE places #2478 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 26.3 points (+20.6% versus -5.7%). This link changes with the market regime, having swung between 0.04 and 0.66 on a rolling one-year basis. One caveat on sizing: STE is 1.5 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 STE: side by side
| SPY (SPDR S&P 500 ETF Trust) | STE (Steris) | |
|---|---|---|
| 1-year return | +20.6% | -5.7% |
| 5-year return | +82.4% | +13.6% |
| Volatility (ann.) | 14.5% | 22.3% |
| Beta vs S&P 500 | 1.00 | 0.43 |
| Max drawdown (3Y) | -18.8% | -25.4% |
| Market cap | – | $22.7B |
| P/E (trailing) | – | 28.5 |
| Dividend yield | 1.01% | 1.06% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Health Care |
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 | STE |
|---|---|---|
| 2022 | -18.2% | -23.4% |
| 2023 | +26.2% | +20.2% |
| 2024 | +24.9% | -5.6% |
| 2025 | +17.7% | +24.3% |
| 2026 | +13.7% | -7.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and STE good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and STE?
Using weekly returns as of 2026-08-27: 0.28 over 3 years, with 0.09 over the last year and 0.48 over 5 years.
Is STE a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 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-ste.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-ste/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · STE correlations
