ISRG vs SPY: Correlation
Measured on weekly returns over the past three years, Intuitive Surgical (ISRG) 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 ISRG and SPY?
Over the past 3 years, ISRG and SPY moved with a correlation of 0.56, which is moderate. The past 12 months show a weaker link (0.38) than the 3-year average (0.56). Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 251.2 %².
By 3-year correlation, SPY places #6 of the 36 assets tracked against ISRG. Correlation aside, the last 12 months split them widely, with SPY ahead by 42.7 points (-22.1% versus +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.27 and 0.77 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: ISRG runs 2.1 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.
ISRG vs SPY: side by side
| ISRG (Intuitive Surgical) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -22.1% | +20.6% |
| 5-year return | +4.0% | +82.4% |
| Volatility (ann.) | 31.1% | 14.5% |
| Beta vs S&P 500 | 1.20 | 1.00 |
| Max drawdown (3Y) | -45.6% | -18.8% |
| Market cap | $131.5B | – |
| P/E (trailing) | 42.5 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | ISRG | SPY |
|---|---|---|
| 2022 | -26.1% | -18.2% |
| 2023 | +27.1% | +26.2% |
| 2024 | +54.7% | +24.9% |
| 2025 | +8.5% | +17.7% |
| 2026 | -35.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ISRG represents 0.2% of SPY's portfolio, so part of any move in SPY is ISRG itself, and the correlation between them is partly mechanical.
Are ISRG and SPY good diversifiers for each other?
Only partially. A correlation of 0.56 means ISRG and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ISRG and SPY?
The ISRG/SPY correlation stands at 0.56 on a 3-year window (1 year: 0.38, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ISRG?
Only partially. A correlation of 0.56 means ISRG and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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.
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Hubs: ISRG correlations · SPY correlations
