ETSY vs SPY: Correlation
Measured on weekly returns over the past three years, Etsy, Inc. (ETSY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ETSY and SPY?
Over the past 3 years, ETSY and SPY moved with a correlation of 0.31, which is moderate. Lately the two have moved closer together, with the 1-year correlation at 0.46 versus 0.31 over 3 years. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 205.2 %².
Among the 12 assets we track against ETSY, SPY ranks #7 by 3-year correlation. The last year tells two different stories: ETSY led by 31.8 percentage points, +52.4% for ETSY against +20.6% for SPY. Note the risk asymmetry: ETSY runs 3.2 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.
ETSY vs SPY: side by side
| ETSY (Etsy, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +52.4% | +20.6% |
| 5-year return | -61.9% | +82.4% |
| Volatility (ann.) | 46.0% | 14.5% |
| Beta vs S&P 500 | 0.98 | 1.00 |
| Max drawdown (3Y) | -53.1% | -18.8% |
| Market cap | $7.6B | – |
| P/E (trailing) | 25.8 | – |
| 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 | ETSY | SPY |
|---|---|---|
| 2022 | -45.3% | -18.2% |
| 2023 | -32.3% | +26.2% |
| 2024 | -34.7% | +24.9% |
| 2025 | +4.8% | +17.7% |
| 2026 | +49.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ETSY and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ETSY and SPY?
The ETSY/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.46, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ETSY?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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: ETSY correlations · SPY correlations
