IT vs SPY: Correlation
Measured on weekly returns over the past three years, Gartner (IT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IT and SPY?
Across a 3-year window, the weekly returns of IT and SPY correlate at 0.33, moderate. The past 12 months show a weaker link (0.18) than the 3-year average (0.33). Stretching to 5 years gives 0.43, with an annualized covariance of 193.0 %².
By 3-year correlation, SPY places #21 of the 36 assets tracked against IT. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 40.8 percentage points (-20.2% for IT against +20.6% for SPY). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.04 to 0.74. One caveat on sizing: IT is 2.8 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.
IT vs SPY: side by side
| IT (Gartner) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.2% | +20.6% |
| 5-year return | -36.0% | +82.4% |
| Volatility (ann.) | 40.6% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -77.2% | -18.8% |
| Market cap | $12.4B | – |
| P/E (trailing) | 17.4 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | IT | SPY |
|---|---|---|
| 2022 | +0.5% | -18.2% |
| 2023 | +34.2% | +26.2% |
| 2024 | +7.4% | +24.9% |
| 2025 | -47.9% | +17.7% |
| 2026 | -22.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IT and SPY good diversifiers for each other?
Reasonably. At 0.33, IT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IT and SPY?
The IT/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.18, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for IT?
Reasonably. At 0.33, IT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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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