INOD vs SPY: Correlation
Innodata Inc. (INOD) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INOD and SPY?
Over the past 3 years, INOD and SPY moved with a correlation of 0.44, which is moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 774.3 %².
Within INOD's tracked universe of 14 assets, SPY comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with INOD ahead by 31.0 points (+51.6% versus +20.6%). One caveat on sizing: INOD is 8.5 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.
INOD vs SPY: side by side
| INOD (Innodata Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +51.6% | +20.6% |
| 5-year return | +620.6% | +82.4% |
| Volatility (ann.) | 122.9% | 14.5% |
| Beta vs S&P 500 | 3.71 | 1.00 |
| Max drawdown (3Y) | -63.0% | -18.8% |
| Market cap | $2.0B | – |
| P/E (trailing) | 43.2 | – |
| 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 | INOD | SPY |
|---|---|---|
| 2022 | -49.8% | -18.2% |
| 2023 | +174.1% | +26.2% |
| 2024 | +385.5% | +24.9% |
| 2025 | +28.9% | +17.7% |
| 2026 | +16.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INOD and SPY good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between INOD and SPY?
As of 2026-08-27, the correlation of weekly returns between INOD and SPY is 0.44 over 3 years, 0.43 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for INOD?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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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Related comparisons
Hubs: INOD correlations · SPY correlations
