SPY vs SXT: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Sensient Technologies Corporation (SXT) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SXT?
Over the past 3 years, SPY and SXT moved with a correlation of 0.28, which is weak. Recent behaviour matches the longer record: 0.20 over 1 year against 0.28 over 3. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 135.9 %².
Among the 4755 assets we track against SPY, SXT ranks #2482 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for SPY and +19.5% for SXT. Note the risk asymmetry: SXT runs 2.4 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 SXT: side by side
| SPY (SPDR S&P 500 ETF Trust) | SXT (Sensient Technologies Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +19.5% |
| 5-year return | +82.4% | +70.0% |
| Volatility (ann.) | 14.5% | 34.2% |
| Beta vs S&P 500 | 1.00 | 0.65 |
| Max drawdown (3Y) | -18.8% | -30.7% |
| Market cap | – | $5.7B |
| P/E (trailing) | – | 36.9 |
| Dividend yield | 1.01% | 1.20% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | SXT |
|---|---|---|
| 2022 | -18.2% | -25.6% |
| 2023 | +26.2% | -7.2% |
| 2024 | +24.9% | +10.5% |
| 2025 | +17.7% | +34.2% |
| 2026 | +13.7% | +43.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SXT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and SXT?
As of 2026-08-27, the correlation of weekly returns between SPY and SXT is 0.28 over 3 years, 0.20 over 1 year and 0.43 over 5 years.
Is SXT a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
A reading of 0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SPY correlations · SXT correlations
