SPY vs STZ: Correlation
SPDR S&P 500 ETF Trust (SPY) and Constellation Brands (STZ) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and STZ?
On 3 years of weekly data the SPY/STZ correlation comes out at 0.22, weak. The past 12 months show a weaker link (0.06) than the 3-year average (0.22). The 5-year figure is 0.36, and annualized covariance runs at 84.6 %².
Among the 4755 assets we track against SPY, STZ ranks #3084 by 3-year correlation. The last year tells two different stories: SPY led by 36.3 percentage points, +20.6% for SPY against -15.7% for STZ. This link changes with the market regime, having swung between 0.06 and 0.60 on a rolling one-year basis. One caveat on sizing: STZ is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 STZ: side by side
| SPY (SPDR S&P 500 ETF Trust) | STZ (Constellation Brands) | |
|---|---|---|
| 1-year return | +20.6% | -15.7% |
| 5-year return | +82.4% | -31.9% |
| Volatility (ann.) | 14.5% | 26.6% |
| Beta vs S&P 500 | 1.00 | 0.41 |
| Max drawdown (3Y) | -18.8% | -51.3% |
| Market cap | – | $22.4B |
| P/E (trailing) | – | 12.8 |
| Dividend yield | 1.01% | 3.04% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Consumer Staples |
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 | STZ |
|---|---|---|
| 2022 | -18.2% | -6.4% |
| 2023 | +26.2% | +5.8% |
| 2024 | +24.9% | -7.1% |
| 2025 | +17.7% | -36.0% |
| 2026 | +13.7% | -2.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and STZ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and STZ?
The SPY/STZ correlation stands at 0.22 on a 3-year window (1 year: 0.06, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is STZ a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 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-stz.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-stz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · STZ correlations
