HOOD vs SPYG: Correlation
How closely do Robinhood Markets (HOOD) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HOOD and SPYG?
On 3 years of weekly data the HOOD/SPYG correlation comes out at 0.59, moderate. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 797.7 %².
Within HOOD's tracked universe of 39 assets, SPYG comes in at #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPYG outperformed by 15.8 percentage points (+6.6% for HOOD against +22.4% for SPYG). The relationship is regime-dependent: the rolling one-year correlation swung between 0.24 and 0.77 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: HOOD runs 3.8 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.
HOOD vs SPYG: side by side
| HOOD (Robinhood Markets) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +6.6% | +22.4% |
| 5-year return | +151.5% | +85.9% |
| Volatility (ann.) | 71.4% | 18.9% |
| Beta vs S&P 500 | 2.88 | 1.25 |
| Max drawdown (3Y) | -57.3% | -22.1% |
| Market cap | $98.7B | – |
| P/E (trailing) | 48.1 | – |
| Dividend yield | 0.00% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | Financials | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | HOOD | SPYG |
|---|---|---|
| 2022 | -54.2% | -29.4% |
| 2023 | +56.5% | +30.0% |
| 2024 | +192.5% | +36.0% |
| 2025 | +203.5% | +22.1% |
| 2026 | -3.0% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPYG holds HOOD at a 0.24% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are HOOD and SPYG good diversifiers for each other?
To a limited degree. At 0.59 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 HOOD and SPYG?
The HOOD/SPYG correlation stands at 0.59 on a 3-year window (1 year: 0.63, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for HOOD?
To a limited degree. At 0.59 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 0.59 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hood-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hood-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HOOD correlations · SPYG correlations
