CLOV vs SPY: Correlation
Clover Health Investments, Corp. (CLOV) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLOV and SPY?
Over the past 3 years, CLOV and SPY moved with a correlation of 0.32, which is moderate. The past 12 months show a tighter link (0.43) than the 3-year average (0.32). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 362.4 %².
Out of 10 assets tracked against CLOV, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months CLOV outperformed by 36.6 percentage points (+57.2% for CLOV against +20.6% for SPY). Note the risk asymmetry: CLOV runs 5.4 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.
CLOV vs SPY: side by side
| CLOV (Clover Health Investments, Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.2% | +20.6% |
| 5-year return | -50.1% | +82.4% |
| Volatility (ann.) | 77.7% | 14.5% |
| Beta vs S&P 500 | 1.73 | 1.00 |
| Max drawdown (3Y) | -64.7% | -18.8% |
| Market cap | $2.2B | – |
| 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 | CLOV | SPY |
|---|---|---|
| 2022 | -75.0% | -18.2% |
| 2023 | +2.4% | +26.2% |
| 2024 | +230.9% | +24.9% |
| 2025 | -25.4% | +17.7% |
| 2026 | +80.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLOV and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CLOV and SPY?
As of 2026-08-27, the correlation of weekly returns between CLOV and SPY is 0.32 over 3 years, 0.43 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for CLOV?
Yes, to a useful degree: a correlation of 0.32 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.32 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CLOV correlations · SPY correlations
