ANY vs SPY: Correlation
Measured on weekly returns over the past three years, Sphere 3D Corp. (ANY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.09, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ANY and SPY?
On 3 years of weekly data the ANY/SPY correlation comes out at 0.09, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.08) runs below the 3-year figure (0.09). The 5-year figure is 0.22, and annualized covariance runs at 184.1 %².
Among the 11 assets we track against ANY, SPY sits near the bottom by co-movement, at rank #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 76.9 points (-56.3% versus +20.6%). Note the risk asymmetry: ANY runs 9.6 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.
ANY vs SPY: side by side
| ANY (Sphere 3D Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -56.3% | +20.6% |
| 5-year return | -99.4% | +82.4% |
| Volatility (ann.) | 139.7% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -97.3% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | 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 | ANY | SPY |
|---|---|---|
| 2022 | -91.2% | -18.2% |
| 2023 | +71.8% | +26.2% |
| 2024 | -71.6% | +24.9% |
| 2025 | -68.4% | +17.7% |
| 2026 | -14.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ANY and SPY good diversifiers for each other?
Yes. With a correlation of 0.09, ANY and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ANY and SPY?
As of 2026-08-27, the correlation of weekly returns between ANY and SPY is 0.09 over 3 years, -0.08 over 1 year and 0.22 over 5 years.
Is SPY a good diversifier for ANY?
Yes. With a correlation of 0.09, ANY and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.09 mean?
On the −1 to +1 scale, 0.09 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: ANY correlations · SPY correlations
