ASML vs SPY: Correlation
How closely do ASML Holding N.V. - New York Registry Shares (ASML) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASML and SPY?
On 3 years of weekly data the ASML/SPY correlation comes out at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.50) sits close to the 3-year figure. The 5-year figure is 0.67, and annualized covariance runs at 317.4 %².
Out of 10 assets tracked against ASML, SPY lands near the bottom at #7. The last year tells two different stories: ASML led by 106.2 percentage points, +126.8% for ASML against +20.6% for SPY. One caveat on sizing: ASML is 2.7 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.
ASML vs SPY: side by side
| ASML (ASML Holding N.V. - New York Registry Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +126.8% | +20.6% |
| 5-year return | +116.6% | +82.4% |
| Volatility (ann.) | 38.6% | 14.5% |
| Beta vs S&P 500 | 1.52 | 1.00 |
| Max drawdown (3Y) | -45.5% | -18.8% |
| Market cap | $666.4B | – |
| P/E (trailing) | 58.5 | – |
| Dividend yield | 0.25% | 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 | ASML | SPY |
|---|---|---|
| 2022 | -30.5% | -18.2% |
| 2023 | +39.9% | +26.2% |
| 2024 | -7.7% | +24.9% |
| 2025 | +55.8% | +17.7% |
| 2026 | +63.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASML and SPY good diversifiers for each other?
Only partially. A correlation of 0.57 means ASML and SPY 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 ASML and SPY?
As of 2026-08-27, the correlation of weekly returns between ASML and SPY is 0.57 over 3 years, 0.50 over 1 year and 0.67 over 5 years.
Is SPY a good diversifier for ASML?
Only partially. A correlation of 0.57 means ASML and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asml-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/asml-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASML correlations · SPY correlations
