CPNG vs SPY: Correlation
How closely do Coupang, Inc. (CPNG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPNG and SPY?
Over the past 3 years, CPNG and SPY moved with a correlation of 0.37, which is moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 198.4 %².
Among the 11 assets we track against CPNG, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 63.1 percentage points, -42.5% for CPNG against +20.6% for SPY. One caveat on sizing: CPNG is 2.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CPNG vs SPY: side by side
| CPNG (Coupang, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -42.5% | +20.6% |
| 5-year return | -46.1% | +82.4% |
| Volatility (ann.) | 37.4% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -54.9% | -18.8% |
| Market cap | $29.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | 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 | CPNG | SPY |
|---|---|---|
| 2022 | -49.9% | -18.2% |
| 2023 | +10.1% | +26.2% |
| 2024 | +35.8% | +24.9% |
| 2025 | +7.3% | +17.7% |
| 2026 | -31.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPNG and SPY good diversifiers for each other?
Reasonably. At 0.37, CPNG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CPNG and SPY?
Using weekly returns as of 2026-08-27: 0.37 over 3 years, with 0.47 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for CPNG?
Reasonably. At 0.37, CPNG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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: CPNG correlations · SPY correlations
