COF vs SPY: Correlation
Capital One (COF) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COF and SPY?
Across a 3-year window, the weekly returns of COF and SPY correlate at 0.60, strong. The relationship has been stable: the 1-year correlation (0.56) sits close to the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 266.6 %².
By 3-year correlation, SPY places #18 of the 29 assets tracked against COF. The last year tells two different stories: SPY led by 22.6 percentage points, -2.0% for COF against +20.6% for SPY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.26 to 0.81. Risk is not evenly split, since COF carries 2.1 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.
COF vs SPY: side by side
| COF (Capital One) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.0% | +20.6% |
| 5-year return | +43.2% | +82.4% |
| Volatility (ann.) | 30.6% | 14.5% |
| Beta vs S&P 500 | 1.28 | 1.00 |
| Max drawdown (3Y) | -31.5% | -18.8% |
| Market cap | $132.9B | – |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 1.38% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | COF | SPY |
|---|---|---|
| 2022 | -34.6% | -18.2% |
| 2023 | +44.3% | +26.2% |
| 2024 | +38.2% | +24.9% |
| 2025 | +37.6% | +17.7% |
| 2026 | -9.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.2% of SPY is COF itself, so the fund partly moves with the stock by construction.
Are COF and SPY good diversifiers for each other?
Only partially. A correlation of 0.60 means COF and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between COF and SPY?
As of 2026-08-27, the correlation of weekly returns between COF and SPY is 0.60 over 3 years, 0.56 over 1 year and 0.62 over 5 years.
Is SPY a good diversifier for COF?
Only partially. A correlation of 0.60 means COF and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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: COF correlations · SPY correlations
