COCH vs SPY: Correlation
Envoy Medical, Inc. (COCH) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.03.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COCH and SPY?
Across a 3-year window, the weekly returns of COCH and SPY correlate at 0.03, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.15) runs above the 3-year figure (0.03). Stretching to 5 years gives 0.02, with an annualized covariance of 109.6 %².
SPY is close to the least connected end of COCH's tracked universe, ranking #7 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 58.1 percentage points (-37.5% for COCH against +20.6% for SPY). One caveat on sizing: COCH is 17.7 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.
COCH vs SPY: side by side
| COCH (Envoy Medical, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -37.5% | +20.6% |
| 5-year return | -92.4% | +82.4% |
| Volatility (ann.) | 256.3% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -96.3% | -18.8% |
| Market cap | $0.1B | – |
| 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 | COCH | SPY |
|---|---|---|
| 2022 | +2.9% | -18.2% |
| 2023 | -81.9% | +26.2% |
| 2024 | -21.0% | +24.9% |
| 2025 | -53.8% | +17.7% |
| 2026 | +10.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COCH and SPY good diversifiers for each other?
Yes. With a correlation of 0.03, COCH and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between COCH and SPY?
The COCH/SPY correlation stands at 0.03 on a 3-year window (1 year: 0.15, 5 years: 0.02), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for COCH?
Yes. With a correlation of 0.03, COCH and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.03 mean?
On the −1 to +1 scale, 0.03 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: COCH correlations · SPY correlations
