SPY vs SUNE: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and SUNation Energy, Inc. (SUNE) trade together? Their weekly returns over three years give a correlation of -0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SUNE?
Over the past 3 years, SPY and SUNE moved with a correlation of -0.06, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.07 lands near the 3-year figure. Over 5 years the correlation is 0.03, and the annualized covariance of weekly returns is -169.9 %².
Within SPY's tracked universe of 4755 assets, SUNE comes in at #4708 by 3-year correlation. The last year tells two different stories: SUNE led by 26.1 percentage points, +20.6% for SPY against +46.7% for SUNE. Note the risk asymmetry: SUNE runs 13.1 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 SUNE: side by side
| SPY (SPDR S&P 500 ETF Trust) | SUNE (SUNation Energy, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | +46.7% |
| 5-year return | +82.4% | -100.0% |
| Volatility (ann.) | 14.5% | 189.9% |
| Beta vs S&P 500 | 1.00 | -0.81 |
| Max drawdown (3Y) | -18.8% | -100.0% |
| Market cap | – | – |
| P/E (trailing) | – | 1.1 |
| 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 | SUNE |
|---|---|---|
| 2022 | -18.2% | -75.7% |
| 2023 | +26.2% | -74.7% |
| 2024 | +24.9% | -99.4% |
| 2025 | +17.7% | -99.8% |
| 2026 | +13.7% | +113.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SUNE good diversifiers for each other?
Yes. With a correlation of -0.06, SPY and SUNE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between SPY and SUNE?
Using weekly returns as of 2026-08-27: -0.06 over 3 years, with -0.07 over the last year and 0.03 over 5 years.
Is SUNE a good diversifier for SPY?
Yes. With a correlation of -0.06, SPY and SUNE 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-sune.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-sune/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: SPY correlations · SUNE correlations
