GROV vs SPY: Correlation
Measured on weekly returns over the past three years, Grove Collaborative Holdings, Inc. (GROV) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GROV and SPY?
Across a 3-year window, the weekly returns of GROV and SPY correlate at 0.08, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.17 over 1 year against 0.08 over 3. Stretching to 5 years gives 0.11, with an annualized covariance of 69.6 %².
Among the 11 assets we track against GROV, SPY sits near the bottom by co-movement, at rank #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 56.4 percentage points (-35.8% for GROV against +20.6% for SPY). Note the risk asymmetry: GROV runs 4.0 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.
GROV vs SPY: side by side
| GROV (Grove Collaborative Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -35.8% | +20.6% |
| 5-year return | -97.9% | +82.4% |
| Volatility (ann.) | 57.5% | 14.5% |
| Beta vs S&P 500 | 0.33 | 1.00 |
| Max drawdown (3Y) | -74.4% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | GROV | SPY |
|---|---|---|
| 2022 | -96.0% | -18.2% |
| 2023 | -11.3% | +26.2% |
| 2024 | -21.5% | +24.9% |
| 2025 | -20.9% | +17.7% |
| 2026 | -9.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GROV and SPY good diversifiers for each other?
Yes. With a correlation of 0.08, GROV and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between GROV and SPY?
The GROV/SPY correlation stands at 0.08 on a 3-year window (1 year: 0.17, 5 years: 0.11), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for GROV?
Yes. With a correlation of 0.08, GROV and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.08 mean?
On the −1 to +1 scale, 0.08 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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Hubs: GROV correlations · SPY correlations
