GKOS vs SPY: Correlation
Measured on weekly returns over the past three years, Glaukos Corporation (GKOS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GKOS and SPY?
Over the past 3 years, GKOS and SPY moved with a correlation of 0.27, which is weak. The past 12 months show a weaker link (0.07) than the 3-year average (0.27). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 177.7 %².
Within GKOS's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GKOS outperformed by 70.6 percentage points (+91.2% for GKOS against +20.6% for SPY). Note the risk asymmetry: GKOS 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.
GKOS vs SPY: side by side
| GKOS (Glaukos Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +91.2% | +20.6% |
| 5-year return | +218.6% | +82.4% |
| Volatility (ann.) | 45.7% | 14.5% |
| Beta vs S&P 500 | 0.85 | 1.00 |
| Max drawdown (3Y) | -53.7% | -18.8% |
| Market cap | $10.7B | – |
| 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 | GKOS | SPY |
|---|---|---|
| 2022 | -1.7% | -18.2% |
| 2023 | +82.0% | +26.2% |
| 2024 | +88.6% | +24.9% |
| 2025 | -24.7% | +17.7% |
| 2026 | +61.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GKOS and SPY good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GKOS and SPY?
The GKOS/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.07, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GKOS?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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: GKOS correlations · SPY correlations
