CHKP vs SPY: Correlation
Measured on weekly returns over the past three years, Check Point Software Technologies Ltd. (CHKP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHKP and SPY?
Across a 3-year window, the weekly returns of CHKP and SPY correlate at 0.21, weak. Lately the two have drifted apart, with the 1-year correlation at 0.08 versus 0.21 over 3 years. Stretching to 5 years gives 0.32, with an annualized covariance of 86.0 %².
Within CHKP's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: SPY led by 50.7 percentage points, -30.1% for CHKP against +20.6% for SPY. Risk is not evenly split, since CHKP carries 2.0 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.
CHKP vs SPY: side by side
| CHKP (Check Point Software Technologies Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -30.1% | +20.6% |
| 5-year return | +5.2% | +82.4% |
| Volatility (ann.) | 29.0% | 14.5% |
| Beta vs S&P 500 | 0.41 | 1.00 |
| Max drawdown (3Y) | -51.8% | -18.8% |
| Market cap | $13.6B | – |
| P/E (trailing) | 13.2 | – |
| 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 | CHKP | SPY |
|---|---|---|
| 2022 | +8.2% | -18.2% |
| 2023 | +21.1% | +26.2% |
| 2024 | +22.2% | +24.9% |
| 2025 | -0.6% | +17.7% |
| 2026 | -28.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHKP and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CHKP and SPY?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with 0.08 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for CHKP?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 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: CHKP correlations · SPY correlations
