COIN vs SPY: Correlation
Coinbase (COIN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COIN and SPY?
On 3 years of weekly data the COIN/SPY correlation comes out at 0.48, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. The 5-year figure is 0.52, and annualized covariance runs at 554.9 %².
Within COIN's tracked universe of 34 assets, SPY comes in at #15 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 58.9 points (-38.3% versus +20.6%). On a rolling one-year basis the correlation drifted between 0.33 and 0.59, a moderate band. Note the risk asymmetry: COIN runs 5.5 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.
COIN vs SPY: side by side
| COIN (Coinbase) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -38.3% | +20.6% |
| 5-year return | -27.4% | +82.4% |
| Volatility (ann.) | 80.0% | 14.5% |
| Beta vs S&P 500 | 2.66 | 1.00 |
| Max drawdown (3Y) | -66.4% | -18.8% |
| Market cap | $50.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | COIN | SPY |
|---|---|---|
| 2022 | -86.0% | -18.2% |
| 2023 | +391.4% | +26.2% |
| 2024 | +42.8% | +24.9% |
| 2025 | -8.9% | +17.7% |
| 2026 | -15.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds COIN at a 0.06% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are COIN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between COIN and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.46 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for COIN?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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: COIN correlations · SPY correlations
