MSFT vs SPYG: Correlation
How closely do Microsoft (MSFT) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSFT and SPYG?
Over the past 3 years, MSFT and SPYG moved with a correlation of 0.66, which is strong. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 342.5 %².
Within MSFT's tracked universe of 39 assets, SPYG comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPYG ahead by 21.9 points (+0.5% versus +22.4%). On a rolling one-year basis the correlation drifted between 0.56 and 0.86, a moderate band.
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.
MSFT vs SPYG: side by side
| MSFT (Microsoft) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +0.5% | +22.4% |
| 5-year return | +73.3% | +85.9% |
| Volatility (ann.) | 27.5% | 18.9% |
| Beta vs S&P 500 | 1.12 | 1.25 |
| Max drawdown (3Y) | -34.5% | -22.1% |
| Market cap | $3,750.3B | – |
| P/E (trailing) | 28.1 | – |
| Dividend yield | 0.73% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | Information Technology | 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 | MSFT | SPYG |
|---|---|---|
| 2022 | -28.0% | -29.4% |
| 2023 | +58.2% | +30.0% |
| 2024 | +12.9% | +36.0% |
| 2025 | +15.6% | +22.1% |
| 2026 | +5.1% | +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 MSFT at a 10.32% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are MSFT and SPYG good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MSFT and SPYG?
As of 2026-08-27, the correlation of weekly returns between MSFT and SPYG is 0.66 over 3 years, 0.57 over 1 year and 0.74 over 5 years.
Is SPYG a good diversifier for MSFT?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 mean?
A reading of 0.66 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/msft-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msft-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MSFT correlations · SPYG correlations
