GLOB vs SPY: Correlation
Measured on weekly returns over the past three years, Globant S.A. (GLOB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLOB and SPY?
Over the past 3 years, GLOB and SPY moved with a correlation of 0.36, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.36 over 3 years. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 266.3 %².
Within GLOB'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 SPY outperformed by 61.4 percentage points (-40.8% for GLOB against +20.6% for SPY). Note the risk asymmetry: GLOB runs 3.5 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.
GLOB vs SPY: side by side
| GLOB (Globant S.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -40.8% | +20.6% |
| 5-year return | -87.5% | +82.4% |
| Volatility (ann.) | 50.9% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -88.9% | -18.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | 15.2 | – |
| 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 | GLOB | SPY |
|---|---|---|
| 2022 | -46.5% | -18.2% |
| 2023 | +41.5% | +26.2% |
| 2024 | -9.9% | +24.9% |
| 2025 | -69.5% | +17.7% |
| 2026 | -38.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLOB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GLOB and SPY?
As of 2026-08-27, the correlation of weekly returns between GLOB and SPY is 0.36 over 3 years, 0.20 over 1 year and 0.51 over 5 years.
Is SPY a good diversifier for GLOB?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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: GLOB correlations · SPY correlations
