NET vs SPY: Correlation
Measured on weekly returns over the past three years, Cloudflare, Inc. (NET) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NET and SPY?
Over the past 3 years, NET and SPY moved with a correlation of 0.45, which is moderate. The past 12 months show a weaker link (0.13) than the 3-year average (0.45). Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 351.9 %².
Within NET's tracked universe of 15 assets, SPY comes in at #9 by 3-year correlation. The last year tells two different stories: NET led by 29.6 percentage points, +50.2% for NET against +20.6% for SPY. One caveat on sizing: NET is 3.7 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.
NET vs SPY: side by side
| NET (Cloudflare, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +50.2% | +20.6% |
| 5-year return | +149.7% | +82.4% |
| Volatility (ann.) | 53.7% | 14.5% |
| Beta vs S&P 500 | 1.68 | 1.00 |
| Max drawdown (3Y) | -45.0% | -18.8% |
| Market cap | $109.8B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | 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 | NET | SPY |
|---|---|---|
| 2022 | -65.6% | -18.2% |
| 2023 | +84.2% | +26.2% |
| 2024 | +29.3% | +24.9% |
| 2025 | +83.1% | +17.7% |
| 2026 | +56.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NET and SPY good diversifiers for each other?
Reasonably. At 0.45, NET and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NET and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.13 over the last year and 0.54 over 5 years.
Is SPY a good diversifier for NET?
Reasonably. At 0.45, NET and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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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Related comparisons
Hubs: NET correlations · SPY correlations
