EQIX vs SPY: Correlation
Equinix (EQIX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQIX and SPY?
Over the past 3 years, EQIX and SPY moved with a correlation of 0.38, which is moderate. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.38). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 132.5 %².
Among the 30 assets we track against EQIX, SPY ranks #19 by 3-year correlation. Correlation aside, the last 12 months split them widely, with EQIX ahead by 18.5 points (+39.1% versus +20.6%). This link changes with the market regime, having swung between 0.05 and 0.81 on a rolling one-year basis. One caveat on sizing: EQIX is 1.7 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.
EQIX vs SPY: side by side
| EQIX (Equinix) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +39.1% | +20.6% |
| 5-year return | +41.6% | +82.4% |
| Volatility (ann.) | 24.4% | 14.5% |
| Beta vs S&P 500 | 0.63 | 1.00 |
| Max drawdown (3Y) | -24.6% | -18.8% |
| Market cap | $106.2B | – |
| P/E (trailing) | 69.4 | – |
| Dividend yield | 1.82% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | EQIX | SPY |
|---|---|---|
| 2022 | -21.1% | -18.2% |
| 2023 | +25.4% | +26.2% |
| 2024 | +19.5% | +24.9% |
| 2025 | -16.9% | +17.7% |
| 2026 | +42.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
EQIX represents 0.16% of SPY's portfolio, so part of any move in SPY is EQIX itself, and the correlation between them is partly mechanical.
Are EQIX and SPY good diversifiers for each other?
Reasonably. At 0.38, EQIX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EQIX and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.10 over the last year and 0.51 over 5 years.
Is SPY a good diversifier for EQIX?
Reasonably. At 0.38, EQIX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 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.
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Related comparisons
Hubs: EQIX correlations · SPY correlations
