CRWD vs SPY: Correlation
CrowdStrike (CRWD) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRWD and SPY?
Over the past 3 years, CRWD and SPY moved with a correlation of 0.54, which is moderate. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.54). Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 390.8 %².
Among the 31 assets we track against CRWD, SPY ranks #17 by 3-year correlation. The last year tells two different stories: CRWD led by 95.2 percentage points, +115.8% for CRWD against +20.6% for SPY. The rolling one-year correlation moved between 0.32 and 0.67 over the past three years, a moderate range. Risk is not evenly split, since CRWD carries 3.5 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.
CRWD vs SPY: side by side
| CRWD (CrowdStrike) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +115.8% | +20.6% |
| 5-year return | +218.4% | +82.4% |
| Volatility (ann.) | 50.2% | 14.5% |
| Beta vs S&P 500 | 1.87 | 1.00 |
| Max drawdown (3Y) | -44.4% | -18.8% |
| Market cap | $233.4B | – |
| P/E (trailing) | 3256.6 | – |
| 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 | CRWD | SPY |
|---|---|---|
| 2022 | -48.6% | -18.2% |
| 2023 | +142.5% | +26.2% |
| 2024 | +34.0% | +24.9% |
| 2025 | +37.0% | +17.7% |
| 2026 | +94.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.29% of SPY is CRWD itself, so the fund partly moves with the stock by construction.
Are CRWD and SPY good diversifiers for each other?
To a limited degree. At 0.54 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 CRWD and SPY?
As of 2026-08-27, the correlation of weekly returns between CRWD and SPY is 0.54 over 3 years, 0.41 over 1 year and 0.54 over 5 years.
Is SPY a good diversifier for CRWD?
To a limited degree. At 0.54 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 0.54 mean?
A reading of 0.54 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CRWD correlations · SPY correlations
