COO vs SPY: Correlation
How closely do Cooper Companies (The) (COO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COO and SPY?
Over the past 3 years, COO and SPY moved with a correlation of 0.36, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.36 over 3 years. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 144.9 %².
Within COO's tracked universe of 38 assets, SPY comes in at #24 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 24.9 points (-4.3% versus +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.06 and 0.73 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: COO runs 1.9 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.
COO vs SPY: side by side
| COO (Cooper Companies (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -4.3% | +20.6% |
| 5-year return | -36.8% | +82.4% |
| Volatility (ann.) | 27.7% | 14.5% |
| Beta vs S&P 500 | 0.69 | 1.00 |
| Max drawdown (3Y) | -47.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 61.7 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | COO | SPY |
|---|---|---|
| 2022 | -21.1% | -18.2% |
| 2023 | +14.5% | +26.2% |
| 2024 | -2.8% | +24.9% |
| 2025 | -10.8% | +17.7% |
| 2026 | -13.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COO and SPY good diversifiers for each other?
Reasonably. At 0.36, COO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between COO and SPY?
As of 2026-08-27, the correlation of weekly returns between COO and SPY is 0.36 over 3 years, 0.03 over 1 year and 0.53 over 5 years.
Is SPY a good diversifier for COO?
Reasonably. At 0.36, COO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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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Hubs: COO correlations · SPY correlations
