SPY vs SYF: Correlation
SPDR S&P 500 ETF Trust (SPY) and Synchrony Financial (SYF) show a moderate relationship: their 3-year correlation of weekly returns is 0.59.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SYF?
Across a 3-year window, the weekly returns of SPY and SYF correlate at 0.59, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.41 versus 0.59 over 3 years. Stretching to 5 years gives 0.59, with an annualized covariance of 267.2 %².
Among the 4755 assets we track against SPY, SYF ranks #196 by 3-year correlation. The trailing year gives SPY the advantage: +20.6% versus +7.3%, a 13.3-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.21 to 0.84. Risk is not evenly split, since SYF carries 2.2 times the volatility of the other side.
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 SYF: side by side
| SPY (SPDR S&P 500 ETF Trust) | SYF (Synchrony Financial) | |
|---|---|---|
| 1-year return | +20.6% | +7.3% |
| 5-year return | +82.4% | +81.0% |
| Volatility (ann.) | 14.5% | 31.6% |
| Beta vs S&P 500 | 1.00 | 1.28 |
| Max drawdown (3Y) | -18.8% | -37.7% |
| Market cap | – | $26.0B |
| P/E (trailing) | – | 8.2 |
| Dividend yield | 1.01% | 1.50% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | Financials |
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 | SYF |
|---|---|---|
| 2022 | -18.2% | -27.4% |
| 2023 | +26.2% | +19.8% |
| 2024 | +24.9% | +74.0% |
| 2025 | +17.7% | +30.6% |
| 2026 | +13.7% | -3.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SYF good diversifiers for each other?
Only partially. A correlation of 0.59 means SPY and SYF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between SPY and SYF?
As of 2026-08-27, the correlation of weekly returns between SPY and SYF is 0.59 over 3 years, 0.41 over 1 year and 0.59 over 5 years.
Is SYF a good diversifier for SPY?
Only partially. A correlation of 0.59 means SPY and SYF share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-syf.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/spy-vs-syf/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · SYF correlations
