SPY vs STHO: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Star Holdings - Shares of Beneficial Interest (STHO) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and STHO?
Over the past 3 years, SPY and STHO moved with a correlation of 0.36, which is moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 184.1 %².
By 3-year correlation, STHO places #1590 of the 4755 assets tracked against SPY. Their 12-month results are close: +20.6% for SPY against +16.7% for STHO. Risk is not evenly split, since STHO carries 2.4 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 STHO: side by side
| SPY (SPDR S&P 500 ETF Trust) | STHO (Star Holdings - Shares of Beneficial Interest) | |
|---|---|---|
| 1-year return | +20.6% | +16.7% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 35.5% |
| Beta vs S&P 500 | 1.00 | 0.88 |
| Max drawdown (3Y) | -18.8% | -59.4% |
| Market cap | – | $0.1B |
| P/E (trailing) | – | 8.0 |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY, 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 | STHO |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | -35.0% |
| 2025 | +17.7% | -15.4% |
| 2026 | +13.7% | +19.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and STHO good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and STHO?
The SPY/STHO correlation stands at 0.36 on a 3-year window (1 year: 0.40, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is STHO a good diversifier for SPY?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
A reading of 0.36 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-stho.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-stho/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · STHO correlations
