FROG vs SPY: Correlation
How closely do JFrog Ltd. (FROG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FROG and SPY?
Across a 3-year window, the weekly returns of FROG and SPY correlate at 0.32, moderate. The past 12 months show a weaker link (0.11) than the 3-year average (0.32). Stretching to 5 years gives 0.42, with an annualized covariance of 260.0 %².
Out of 15 assets tracked against FROG, SPY lands near the bottom at #11. Their recent paths diverged sharply: over the last 12 months FROG outperformed by 91.7 percentage points (+112.3% for FROG against +20.6% for SPY). Risk is not evenly split, since FROG carries 3.9 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.
FROG vs SPY: side by side
| FROG (JFrog Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +112.3% | +20.6% |
| 5-year return | +167.6% | +82.4% |
| Volatility (ann.) | 56.8% | 14.5% |
| Beta vs S&P 500 | 1.24 | 1.00 |
| Max drawdown (3Y) | -49.6% | -18.8% |
| Market cap | $12.8B | – |
| 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 | FROG | SPY |
|---|---|---|
| 2022 | -28.2% | -18.2% |
| 2023 | +62.3% | +26.2% |
| 2024 | -15.0% | +24.9% |
| 2025 | +112.4% | +17.7% |
| 2026 | +66.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FROG and SPY good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FROG and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.11 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for FROG?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 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: FROG correlations · SPY correlations
