ISRG vs SPYG: Correlation
Measured on weekly returns over the past three years, Intuitive Surgical (ISRG) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ISRG and SPYG?
Across a 3-year window, the weekly returns of ISRG and SPYG correlate at 0.53, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.34 versus 0.53 over 3 years. Stretching to 5 years gives 0.63, with an annualized covariance of 315.6 %².
Among the 36 assets we track against ISRG, SPYG ranks #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPYG outperformed by 44.5 percentage points (-22.1% for ISRG against +22.4% for SPYG). This link changes with the market regime, having swung between 0.21 and 0.74 on a rolling one-year basis. Risk is not evenly split, since ISRG carries 1.6 times the volatility of the other side.
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 SPYG: side by side
| ISRG (Intuitive Surgical) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | -22.1% | +22.4% |
| 5-year return | +4.0% | +85.9% |
| Volatility (ann.) | 31.1% | 18.9% |
| Beta vs S&P 500 | 1.20 | 1.25 |
| Max drawdown (3Y) | -45.6% | -22.1% |
| Market cap | $131.5B | – |
| P/E (trailing) | 42.5 | – |
| Dividend yield | 0.00% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | Health Care | 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 | ISRG | SPYG |
|---|---|---|
| 2022 | -26.1% | -29.4% |
| 2023 | +27.1% | +30.0% |
| 2024 | +54.7% | +36.0% |
| 2025 | +8.5% | +22.1% |
| 2026 | -35.2% | +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 ISRG at a 0.37% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are ISRG and SPYG good diversifiers for each other?
Only partially. A correlation of 0.53 means ISRG and SPYG 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 SPYG?
The ISRG/SPYG correlation stands at 0.53 on a 3-year window (1 year: 0.34, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for ISRG?
Only partially. A correlation of 0.53 means ISRG and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.53 mean?
A reading of 0.53 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/isrg-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/isrg-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ISRG correlations · SPYG correlations
