GOOG vs SPY: Correlation
Measured on weekly returns over the past three years, Alphabet Inc. (Class C) (GOOG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GOOG and SPY?
Across a 3-year window, the weekly returns of GOOG and SPY correlate at 0.56, moderate. Recent behaviour matches the longer record: 0.59 over 1 year against 0.56 over 3. Stretching to 5 years gives 0.61, with an annualized covariance of 251.3 %².
By 3-year correlation, SPY places #10 of the 36 assets tracked against GOOG. Correlation aside, the last 12 months split them widely, with GOOG ahead by 42.1 points (+62.7% versus +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.41 to 0.67. One caveat on sizing: GOOG is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GOOG vs SPY: side by side
| GOOG (Alphabet Inc. (Class C)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +62.7% | +20.6% |
| 5-year return | +134.2% | +82.4% |
| Volatility (ann.) | 31.1% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -29.4% | -18.8% |
| Market cap | $4,130.2B | – |
| P/E (trailing) | 17.0 | – |
| Dividend yield | 0.25% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Communication Services | 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 | GOOG | SPY |
|---|---|---|
| 2022 | -38.7% | -18.2% |
| 2023 | +58.8% | +26.2% |
| 2024 | +35.6% | +24.9% |
| 2025 | +65.4% | +17.7% |
| 2026 | +7.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 2.42% of SPY is GOOG itself, so the fund partly moves with the stock by construction.
Are GOOG and SPY good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GOOG and SPY?
As of 2026-08-27, the correlation of weekly returns between GOOG and SPY is 0.56 over 3 years, 0.59 over 1 year and 0.61 over 5 years.
Is SPY a good diversifier for GOOG?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 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: GOOG correlations · SPY correlations
