SPY vs SUGP: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and SU Group Holdings Limited - Class A (SUGP) trade together? Their weekly returns over three years give a correlation of 0.15, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SUGP?
Over the past 3 years, SPY and SUGP moved with a correlation of 0.15, which is weak. The link has loosened recently: the 1-year correlation (-0.10) runs below the 3-year figure (0.15). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 307.3 %².
By 3-year correlation, SUGP places #3738 of the 4755 assets tracked against SPY. Correlation aside, the last 12 months split them widely, with SPY ahead by 117.6 points (+20.6% versus -97.0%). One caveat on sizing: SUGP is 9.9 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 SUGP: side by side
| SPY (SPDR S&P 500 ETF Trust) | SUGP (SU Group Holdings Limited - Class A) | |
|---|---|---|
| 1-year return | +20.6% | -97.0% |
| 5-year return | +82.4% | n/a |
| Volatility (ann.) | 14.5% | 143.4% |
| Beta vs S&P 500 | 1.00 | 1.47 |
| Max drawdown (3Y) | -18.8% | -99.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | SUGP |
|---|---|---|
| 2022 | -18.2% | – |
| 2023 | +26.2% | – |
| 2024 | +24.9% | – |
| 2025 | +17.7% | -44.7% |
| 2026 | +13.7% | -97.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SUGP good diversifiers for each other?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
FAQ
What is the correlation between SPY and SUGP?
The SPY/SUGP correlation stands at 0.15 on a 3-year window (1 year: -0.10, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SUGP a good diversifier for SPY?
By historical standards, yes. A correlation of 0.15 means the two rarely move for the same reasons.
What does a correlation of 0.15 mean?
A reading of 0.15 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-sugp.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-sugp/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SPY correlations · SUGP correlations
