BOX vs SPY: Correlation
Measured on weekly returns over the past three years, Box, Inc. (BOX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BOX and SPY?
On 3 years of weekly data the BOX/SPY correlation comes out at 0.28, weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.28 over 3. The 5-year figure is 0.40, and annualized covariance runs at 127.1 %².
SPY is close to the least connected end of BOX's tracked universe, ranking #7 of 11. The trailing year gives SPY the advantage: +7.0% versus +20.6%, a 13.6-point spread. Note the risk asymmetry: BOX 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.
BOX vs SPY: side by side
| BOX (Box, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.0% | +20.6% |
| 5-year return | +35.7% | +82.4% |
| Volatility (ann.) | 31.3% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -44.6% | -18.8% |
| Market cap | $4.8B | – |
| P/E (trailing) | 48.9 | – |
| 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 | BOX | SPY |
|---|---|---|
| 2022 | +18.9% | -18.2% |
| 2023 | -17.7% | +26.2% |
| 2024 | +23.4% | +24.9% |
| 2025 | -5.3% | +17.7% |
| 2026 | +16.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BOX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BOX and SPY?
As of 2026-08-27, the correlation of weekly returns between BOX and SPY is 0.28 over 3 years, 0.19 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for BOX?
Yes, to a useful degree: a correlation of 0.28 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.28 mean?
On the −1 to +1 scale, 0.28 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: BOX correlations · SPY correlations
