SPY vs SU: Correlation
SPDR S&P 500 ETF Trust (SPY) and Suncor Energy Inc. (SU) show a near-zero relationship: their 3-year correlation of weekly returns is 0.06.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SU?
Across a 3-year window, the weekly returns of SPY and SU correlate at 0.06, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.38) than the 3-year average (0.06). Stretching to 5 years gives 0.19, with an annualized covariance of 26.4 %².
Among the 4755 assets we track against SPY, SU ranks #4352 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SU outperformed by 43.7 percentage points (+20.6% for SPY against +64.3% for SU). Note the risk asymmetry: SU runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SU: side by side
| SPY (SPDR S&P 500 ETF Trust) | SU (Suncor Energy Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +64.3% |
| 5-year return | +82.4% | +325.4% |
| Volatility (ann.) | 14.5% | 29.1% |
| Beta vs S&P 500 | 1.00 | 0.13 |
| Max drawdown (3Y) | -18.8% | -22.7% |
| Market cap | – | $78.4B |
| P/E (trailing) | – | 12.1 |
| Dividend yield | 1.01% | 3.61% |
| 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 | SU |
|---|---|---|
| 2022 | -18.2% | +32.3% |
| 2023 | +26.2% | +6.0% |
| 2024 | +24.9% | +16.2% |
| 2025 | +17.7% | +27.1% |
| 2026 | +13.7% | +51.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SU good diversifiers for each other?
Yes. With a correlation of 0.06, SPY and SU have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and SU?
The SPY/SU correlation stands at 0.06 on a 3-year window (1 year: -0.38, 5 years: 0.19), computed from weekly returns as of 2026-08-27.
Is SU a good diversifier for SPY?
Yes. With a correlation of 0.06, SPY and SU have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.06 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-su.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-su/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · SU correlations
