GLW vs SPY: Correlation
How closely do Corning Inc. (GLW) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLW and SPY?
Over the past 3 years, GLW and SPY moved with a correlation of 0.39, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.26 versus 0.39 over 3 years. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 239.5 %².
Among the 37 assets we track against GLW, SPY ranks #21 by 3-year correlation. The last year tells two different stories: GLW led by 109.1 percentage points, +129.7% for GLW against +20.6% for SPY. This link changes with the market regime, having swung between 0.08 and 0.80 on a rolling one-year basis. Risk is not evenly split, since GLW carries 2.9 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.
GLW vs SPY: side by side
| GLW (Corning Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +129.7% | +20.6% |
| 5-year return | +331.4% | +82.4% |
| Volatility (ann.) | 42.1% | 14.5% |
| Beta vs S&P 500 | 1.15 | 1.00 |
| Max drawdown (3Y) | -51.5% | -18.8% |
| Market cap | $131.6B | – |
| P/E (trailing) | 70.4 | – |
| Dividend yield | 0.73% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | GLW | SPY |
|---|---|---|
| 2022 | -11.6% | -18.2% |
| 2023 | -1.2% | +26.2% |
| 2024 | +60.6% | +24.9% |
| 2025 | +87.8% | +17.7% |
| 2026 | +75.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
GLW represents 0.18% of SPY's portfolio, so part of any move in SPY is GLW itself, and the correlation between them is partly mechanical.
Are GLW and SPY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GLW and SPY?
Using weekly returns as of 2026-08-27: 0.39 over 3 years, with 0.26 over the last year and 0.46 over 5 years.
Is SPY a good diversifier for GLW?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GLW correlations · SPY correlations
