JNJ vs SPY: Correlation
Johnson & Johnson (JNJ) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.04.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JNJ and SPY?
On 3 years of weekly data the JNJ/SPY correlation comes out at 0.04, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.29) than the 3-year average (0.04). The 5-year figure is 0.18, and annualized covariance runs at 10.4 %².
Within JNJ's tracked universe of 48 assets, SPY comes in at #36 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months JNJ outperformed by 33.1 percentage points (+53.7% for JNJ 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 -0.27 to 0.36.
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.
JNJ vs SPY: side by side
| JNJ (Johnson & Johnson) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +53.7% | +20.6% |
| 5-year return | +76.0% | +82.4% |
| Volatility (ann.) | 18.5% | 14.5% |
| Beta vs S&P 500 | 0.05 | 1.00 |
| Max drawdown (3Y) | -14.4% | -18.8% |
| Market cap | $640.5B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 1.94% | 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 | JNJ | SPY |
|---|---|---|
| 2022 | +6.0% | -18.2% |
| 2023 | -8.6% | +26.2% |
| 2024 | -4.8% | +24.9% |
| 2025 | +47.5% | +17.7% |
| 2026 | +30.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.98% of SPY is JNJ itself, so the fund partly moves with the stock by construction.
Are JNJ and SPY good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between JNJ and SPY?
As of 2026-08-27, the correlation of weekly returns between JNJ and SPY is 0.04 over 3 years, -0.29 over 1 year and 0.18 over 5 years.
Is SPY a good diversifier for JNJ?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 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.
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Related comparisons
Hubs: JNJ correlations · SPY correlations
