SPY vs STGW: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Stagwell Inc. (STGW) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and STGW?
Across a 3-year window, the weekly returns of SPY and STGW correlate at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.16) runs below the 3-year figure (0.38). Stretching to 5 years gives 0.41, with an annualized covariance of 267.4 %².
Among the 4755 assets we track against SPY, STGW ranks #1394 by 3-year correlation. The last year tells two different stories: STGW led by 38.5 percentage points, +20.6% for SPY against +59.1% for STGW. Risk is not evenly split, since STGW 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 STGW: side by side
| SPY (SPDR S&P 500 ETF Trust) | STGW (Stagwell Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +59.1% |
| 5-year return | +82.4% | +30.4% |
| Volatility (ann.) | 14.5% | 49.1% |
| Beta vs S&P 500 | 1.00 | 1.28 |
| Max drawdown (3Y) | -18.8% | -48.6% |
| Market cap | – | $2.2B |
| P/E (trailing) | – | 148.0 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | STGW |
|---|---|---|
| 2022 | -18.2% | -28.4% |
| 2023 | +26.2% | +6.8% |
| 2024 | +24.9% | -0.8% |
| 2025 | +17.7% | -25.7% |
| 2026 | +13.7% | +81.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and STGW good diversifiers for each other?
Reasonably. At 0.38, SPY and STGW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and STGW?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.16 over the last year and 0.41 over 5 years.
Is STGW a good diversifier for SPY?
Reasonably. At 0.38, SPY and STGW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 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
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Related comparisons
Hubs: SPY correlations · STGW correlations
