AMZN vs SPYG: Correlation
Measured on weekly returns over the past three years, Amazon (AMZN) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMZN and SPYG?
Across a 3-year window, the weekly returns of AMZN and SPYG correlate at 0.73, strong. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 428.1 %².
Within AMZN's tracked universe of 38 assets, SPYG comes in at #4 by 3-year correlation. Over the last 12 months SPYG came out ahead by 10.6 percentage points (+11.8% against +22.4%). The link looks structural: the rolling one-year correlation barely moved, holding between 0.62 and 0.84. Risk is not evenly split, since AMZN carries 1.6 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.
AMZN vs SPYG: side by side
| AMZN (Amazon) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +11.8% | +22.4% |
| 5-year return | +49.8% | +85.9% |
| Volatility (ann.) | 31.0% | 18.9% |
| Beta vs S&P 500 | 1.48 | 1.25 |
| Max drawdown (3Y) | -30.9% | -22.1% |
| Market cap | $2,764.1B | – |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 0.00% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | Consumer Discretionary | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | AMZN | SPYG |
|---|---|---|
| 2022 | -49.6% | -29.4% |
| 2023 | +80.9% | +30.0% |
| 2024 | +44.4% | +36.0% |
| 2025 | +5.2% | +22.1% |
| 2026 | +11.0% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
AMZN represents 3.78% of SPYG's portfolio, so part of any move in SPYG is AMZN itself, and the correlation between them is partly mechanical.
Are AMZN and SPYG good diversifiers for each other?
Only partially. A correlation of 0.73 means AMZN and SPYG 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 AMZN and SPYG?
The AMZN/SPYG correlation stands at 0.73 on a 3-year window (1 year: 0.63, 5 years: 0.75), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for AMZN?
Only partially. A correlation of 0.73 means AMZN and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 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/amzn-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/amzn-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AMZN correlations · SPYG correlations
