GOLF vs SPY: Correlation
Acushnet Holdings Corp. (GOLF) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GOLF and SPY?
Across a 3-year window, the weekly returns of GOLF and SPY correlate at 0.39, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.39 over 3 years. Stretching to 5 years gives 0.45, with an annualized covariance of 161.8 %².
Among the 13 assets we track against GOLF, SPY sits near the bottom by co-movement, at rank #9. The trailing year gives SPY the advantage: +10.1% versus +20.6%, a 10.5-point spread. Risk is not evenly split, since GOLF carries 2.0 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.
GOLF vs SPY: side by side
| GOLF (Acushnet Holdings Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.1% | +20.6% |
| 5-year return | +77.9% | +82.4% |
| Volatility (ann.) | 29.1% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -28.3% | -18.8% |
| Market cap | $5.0B | – |
| P/E (trailing) | 23.6 | – |
| Dividend yield | 1.13% | 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 | GOLF | SPY |
|---|---|---|
| 2022 | -18.7% | -18.2% |
| 2023 | +51.0% | +26.2% |
| 2024 | +14.0% | +24.9% |
| 2025 | +13.7% | +17.7% |
| 2026 | +7.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GOLF and SPY good diversifiers for each other?
Reasonably. At 0.39, GOLF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between GOLF and SPY?
The GOLF/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.03, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GOLF?
Reasonably. At 0.39, GOLF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/golf-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/golf-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GOLF correlations · SPY correlations
