AMZN vs SPY: Correlation
Measured on weekly returns over the past three years, Amazon (AMZN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.69, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMZN and SPY?
On 3 years of weekly data the AMZN/SPY correlation comes out at 0.69, strong. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. The 5-year figure is 0.70, and annualized covariance runs at 309.9 %².
Within AMZN's tracked universe of 38 assets, SPY comes in at #8 by 3-year correlation. The trailing year gives SPY the advantage: +11.8% versus +20.6%, a 8.8-point spread. The rolling one-year correlation moved between 0.56 and 0.81 over the past three years, a moderate range. One caveat on sizing: AMZN is 2.1 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.
AMZN vs SPY: side by side
| AMZN (Amazon) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.8% | +20.6% |
| 5-year return | +49.8% | +82.4% |
| Volatility (ann.) | 31.0% | 14.5% |
| Beta vs S&P 500 | 1.48 | 1.00 |
| Max drawdown (3Y) | -30.9% | -18.8% |
| Market cap | $2,764.1B | – |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | ETF · US Large Cap |
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 | AMZN | SPY |
|---|---|---|
| 2022 | -49.6% | -18.2% |
| 2023 | +80.9% | +26.2% |
| 2024 | +44.4% | +24.9% |
| 2025 | +5.2% | +17.7% |
| 2026 | +11.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 3.85% of SPY is AMZN itself, so the fund partly moves with the stock by construction.
Are AMZN and SPY good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AMZN and SPY?
Using weekly returns as of 2026-08-27: 0.69 over 3 years, with 0.59 over the last year and 0.70 over 5 years.
Is SPY a good diversifier for AMZN?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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.
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Related comparisons
Hubs: AMZN correlations · SPY correlations
