GOOGL vs SPY: Correlation
How closely do Alphabet Inc. (Class A) (GOOGL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GOOGL and SPY?
Over the past 3 years, GOOGL and SPY moved with a correlation of 0.56, which is moderate. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 255.0 %².
By 3-year correlation, SPY places #10 of the 37 assets tracked against GOOGL. The last year tells two different stories: GOOGL led by 44.1 percentage points, +64.7% for GOOGL against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.41 to 0.66. Note the risk asymmetry: GOOGL runs 2.2 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.
GOOGL vs SPY: side by side
| GOOGL (Alphabet Inc. (Class A)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +64.7% | +20.6% |
| 5-year return | +137.7% | +82.4% |
| Volatility (ann.) | 31.4% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -29.8% | -18.8% |
| Market cap | $4,166.1B | – |
| P/E (trailing) | 17.2 | – |
| 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 | GOOGL | SPY |
|---|---|---|
| 2022 | -39.1% | -18.2% |
| 2023 | +58.3% | +26.2% |
| 2024 | +36.0% | +24.9% |
| 2025 | +66.0% | +17.7% |
| 2026 | +9.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
GOOGL represents 3.03% of SPY's portfolio, so part of any move in SPY is GOOGL itself, and the correlation between them is partly mechanical.
Are GOOGL and SPY good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GOOGL and SPY?
The GOOGL/SPY correlation stands at 0.56 on a 3-year window (1 year: 0.59, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GOOGL?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 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/googl-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/googl-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GOOGL correlations · SPY correlations
