SPY vs STN: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Stantec Inc (STN) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and STN?
Across a 3-year window, the weekly returns of SPY and STN correlate at 0.42, moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. Stretching to 5 years gives 0.50, with an annualized covariance of 146.4 %².
Among the 4755 assets we track against SPY, STN ranks #988 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 52.0 percentage points (+20.6% for SPY against -31.4% for STN). Risk is not evenly split, since STN carries 1.7 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 STN: side by side
| SPY (SPDR S&P 500 ETF Trust) | STN (Stantec Inc) | |
|---|---|---|
| 1-year return | +20.6% | -31.4% |
| 5-year return | +82.4% | +62.2% |
| Volatility (ann.) | 14.5% | 24.1% |
| Beta vs S&P 500 | 1.00 | 0.70 |
| Max drawdown (3Y) | -18.8% | -41.0% |
| Market cap | – | $8.4B |
| P/E (trailing) | – | 23.6 |
| Dividend yield | 1.01% | 1.25% |
| 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 | STN |
|---|---|---|
| 2022 | -18.2% | -13.8% |
| 2023 | +26.2% | +68.8% |
| 2024 | +24.9% | -1.4% |
| 2025 | +17.7% | +20.7% |
| 2026 | +13.7% | -20.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and STN good diversifiers for each other?
Reasonably. At 0.42, SPY and STN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPY and STN?
As of 2026-08-27, the correlation of weekly returns between SPY and STN is 0.42 over 3 years, 0.40 over 1 year and 0.50 over 5 years.
Is STN a good diversifier for SPY?
Reasonably. At 0.42, SPY and STN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 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.
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Related comparisons
Hubs: SPY correlations · STN correlations
