COHR vs SPYG: Correlation
How closely do Coherent Corp. (COHR) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COHR and SPYG?
Over the past 3 years, COHR and SPYG moved with a correlation of 0.64, which is strong. The past 12 months show a weaker link (0.44) than the 3-year average (0.64). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 783.8 %².
By 3-year correlation, SPYG places #4 of the 41 assets tracked against COHR. Their recent paths diverged sharply: over the last 12 months COHR outperformed by 203.2 percentage points (+225.6% for COHR against +22.4% for SPYG). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.31 to 0.82. Note the risk asymmetry: COHR runs 3.4 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.
COHR vs SPYG: side by side
| COHR (Coherent Corp.) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +225.6% | +22.4% |
| 5-year return | +368.6% | +85.9% |
| Volatility (ann.) | 65.0% | 18.9% |
| Beta vs S&P 500 | 2.76 | 1.25 |
| Max drawdown (3Y) | -54.8% | -22.1% |
| Market cap | $57.8B | – |
| P/E (trailing) | 71.4 | – |
| Dividend yield | 0.00% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | Information Technology | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | COHR | SPYG |
|---|---|---|
| 2022 | -48.6% | -29.4% |
| 2023 | +24.0% | +30.0% |
| 2024 | +117.6% | +36.0% |
| 2025 | +94.8% | +22.1% |
| 2026 | +60.0% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
COHR represents 0.16% of SPYG's portfolio, so part of any move in SPYG is COHR itself, and the correlation between them is partly mechanical.
Are COHR and SPYG good diversifiers for each other?
Only partially. A correlation of 0.64 means COHR and SPYG 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 COHR and SPYG?
The COHR/SPYG correlation stands at 0.64 on a 3-year window (1 year: 0.44, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for COHR?
Only partially. A correlation of 0.64 means COHR and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cohr-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cohr-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COHR correlations · SPYG correlations
