AMZN vs VOO: Correlation
How closely do Amazon (AMZN) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMZN and VOO?
Across a 3-year window, the weekly returns of AMZN and VOO correlate at 0.69, strong. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 308.1 %².
By 3-year correlation, VOO places #9 of the 38 assets tracked against AMZN. Over the last 12 months VOO came out ahead by 8.8 percentage points (+11.8% against +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.56 to 0.81. Note the risk asymmetry: AMZN runs 2.2 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.
AMZN vs VOO: side by side
| AMZN (Amazon) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +11.8% | +20.6% |
| 5-year return | +49.8% | +83.0% |
| Volatility (ann.) | 31.0% | 14.4% |
| Beta vs S&P 500 | 1.48 | 0.99 |
| Max drawdown (3Y) | -30.9% | -18.7% |
| Market cap | $2,764.1B | – |
| P/E (trailing) | 20.9 | – |
| Dividend yield | 0.00% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | Consumer Discretionary | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | AMZN | VOO |
|---|---|---|
| 2022 | -49.6% | -18.2% |
| 2023 | +80.9% | +26.3% |
| 2024 | +44.4% | +25.0% |
| 2025 | +5.2% | +17.8% |
| 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: 4.13% of VOO is AMZN itself, so the fund partly moves with the stock by construction.
Are AMZN and VOO good diversifiers for each other?
Only partially. A correlation of 0.69 means AMZN and VOO 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 VOO?
As of 2026-08-27, the correlation of weekly returns between AMZN and VOO is 0.69 over 3 years, 0.59 over 1 year and 0.70 over 5 years.
Is VOO a good diversifier for AMZN?
Only partially. A correlation of 0.69 means AMZN and VOO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 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.
Use this data
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Related comparisons
Hubs: AMZN correlations · VOO correlations
