COHR vs SPY: Correlation
Measured on weekly returns over the past three years, Coherent Corp. (COHR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COHR and SPY?
Over the past 3 years, COHR and SPY moved with a correlation of 0.61, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.42 versus 0.61 over 3 years. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 577.5 %².
By 3-year correlation, SPY places #15 of the 41 assets tracked against COHR. The last year tells two different stories: COHR led by 205.0 percentage points, +225.6% for COHR against +20.6% for SPY. This link changes with the market regime, having swung between 0.28 and 0.82 on a rolling one-year basis. Risk is not evenly split, since COHR carries 4.5 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.
COHR vs SPY: side by side
| COHR (Coherent Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +225.6% | +20.6% |
| 5-year return | +368.6% | +82.4% |
| Volatility (ann.) | 65.0% | 14.5% |
| Beta vs S&P 500 | 2.76 | 1.00 |
| Max drawdown (3Y) | -54.8% | -18.8% |
| Market cap | $57.8B | – |
| P/E (trailing) | 71.4 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | COHR | SPY |
|---|---|---|
| 2022 | -48.6% | -18.2% |
| 2023 | +24.0% | +26.2% |
| 2024 | +117.6% | +24.9% |
| 2025 | +94.8% | +17.7% |
| 2026 | +60.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.09% of SPY is COHR itself, so the fund partly moves with the stock by construction.
Are COHR and SPY good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between COHR and SPY?
As of 2026-08-27, the correlation of weekly returns between COHR and SPY is 0.61 over 3 years, 0.42 over 1 year and 0.58 over 5 years.
Is SPY a good diversifier for COHR?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 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: COHR correlations · SPY correlations
