SPY vs STRL: Correlation
SPDR S&P 500 ETF Trust (SPY) and Sterling Infrastructure, Inc. (STRL) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and STRL?
On 3 years of weekly data the SPY/STRL correlation comes out at 0.46, moderate. The past 12 months show a weaker link (0.24) than the 3-year average (0.46). The 5-year figure is 0.38, and annualized covariance runs at 445.9 %².
Within SPY's tracked universe of 4755 assets, STRL comes in at #677 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months STRL outperformed by 54.4 percentage points (+20.6% for SPY against +75.0% for STRL). Risk is not evenly split, since STRL carries 4.6 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 STRL: side by side
| SPY (SPDR S&P 500 ETF Trust) | STRL (Sterling Infrastructure, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +75.0% |
| 5-year return | +82.4% | +2095.9% |
| Volatility (ann.) | 14.5% | 66.9% |
| Beta vs S&P 500 | 1.00 | 2.13 |
| Max drawdown (3Y) | -18.8% | -51.1% |
| Market cap | – | $15.5B |
| P/E (trailing) | – | 36.5 |
| 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 | STRL |
|---|---|---|
| 2022 | -18.2% | +24.7% |
| 2023 | +26.2% | +168.1% |
| 2024 | +24.9% | +91.6% |
| 2025 | +17.7% | +81.8% |
| 2026 | +13.7% | +65.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and STRL good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and STRL?
The SPY/STRL correlation stands at 0.46 on a 3-year window (1 year: 0.24, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is STRL a good diversifier for SPY?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 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-strl.json
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The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · STRL correlations
