SPY vs STEW: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and SRH Total Return Fund, Inc. (STEW) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and STEW?
On 3 years of weekly data the SPY/STEW correlation comes out at 0.69, strong. The past 12 months show a weaker link (0.48) than the 3-year average (0.69). The 5-year figure is 0.77, and annualized covariance runs at 140.1 %².
Within SPY's tracked universe of 4755 assets, STEW comes in at #101 by 3-year correlation. The last year tells two different stories: SPY led by 15.4 percentage points, +20.6% for SPY against +5.2% for STEW.
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 STEW: side by side
| SPY (SPDR S&P 500 ETF Trust) | STEW (SRH Total Return Fund, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +5.2% |
| 5-year return | +82.4% | +61.2% |
| Volatility (ann.) | 14.5% | 14.1% |
| Beta vs S&P 500 | 1.00 | 0.67 |
| Max drawdown (3Y) | -18.8% | -10.5% |
| Market cap | – | $1.8B |
| P/E (trailing) | – | 12.1 |
| Dividend yield | 1.01% | 3.91% |
| 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 | STEW |
|---|---|---|
| 2022 | -18.2% | -7.3% |
| 2023 | +26.2% | +13.5% |
| 2024 | +24.9% | +19.9% |
| 2025 | +17.7% | +20.3% |
| 2026 | +13.7% | +3.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and STEW good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SPY and STEW?
As of 2026-08-27, the correlation of weekly returns between SPY and STEW is 0.69 over 3 years, 0.48 over 1 year and 0.77 over 5 years.
Is STEW a good diversifier for SPY?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
A reading of 0.69 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-stew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-stew/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · STEW correlations
