SPY vs STNE: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and StoneCo Ltd. - Class A Common Share (STNE) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and STNE?
Over the past 3 years, SPY and STNE moved with a correlation of 0.42, which is moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 293.7 %².
Within SPY's tracked universe of 4755 assets, STNE comes in at #989 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 47.9 points (+20.6% versus -27.3%). Risk is not evenly split, since STNE carries 3.3 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 STNE: side by side
| SPY (SPDR S&P 500 ETF Trust) | STNE (StoneCo Ltd. - Class A Common Share) | |
|---|---|---|
| 1-year return | +20.6% | -27.3% |
| 5-year return | +82.4% | -76.6% |
| Volatility (ann.) | 14.5% | 48.1% |
| Beta vs S&P 500 | 1.00 | 1.41 |
| Max drawdown (3Y) | -18.8% | -57.6% |
| Market cap | – | $2.2B |
| P/E (trailing) | – | 3.7 |
| Dividend yield | 1.01% | 0.00% |
| 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 | STNE |
|---|---|---|
| 2022 | -18.2% | -44.0% |
| 2023 | +26.2% | +91.0% |
| 2024 | +24.9% | -55.8% |
| 2025 | +17.7% | +85.6% |
| 2026 | +13.7% | -21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and STNE good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and STNE?
The SPY/STNE correlation stands at 0.42 on a 3-year window (1 year: 0.40, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is STNE a good diversifier for SPY?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-stne.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-stne/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · STNE correlations
