COCO vs SPY: Correlation
How closely do The Vita Coco Company, Inc. (COCO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COCO and SPY?
Over the past 3 years, COCO and SPY moved with a correlation of 0.30, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.30 over 3 years. Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 208.8 %².
SPY is close to the least connected end of COCO's tracked universe, ranking #7 of 10. The last year tells two different stories: COCO led by 57.3 percentage points, +77.9% for COCO against +20.6% for SPY. Note the risk asymmetry: COCO runs 3.3 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.
COCO vs SPY: side by side
| COCO (The Vita Coco Company, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +77.9% | +20.6% |
| 5-year return | +355.8% | +82.4% |
| Volatility (ann.) | 48.3% | 14.5% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -38.5% | -18.8% |
| Market cap | $3.6B | – |
| P/E (trailing) | 34.6 | – |
| 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 | COCO | SPY |
|---|---|---|
| 2022 | +23.7% | -18.2% |
| 2023 | +85.6% | +26.2% |
| 2024 | +43.9% | +24.9% |
| 2025 | +43.6% | +17.7% |
| 2026 | +16.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COCO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between COCO and SPY?
The COCO/SPY correlation stands at 0.30 on a 3-year window (1 year: 0.18, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for COCO?
Yes, to a useful degree: a correlation of 0.30 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.30 mean?
A reading of 0.30 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/coco-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/coco-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COCO correlations · SPY correlations
