NFLX vs SPY: Correlation
Netflix (NFLX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NFLX and SPY?
On 3 years of weekly data the NFLX/SPY correlation comes out at 0.41, moderate. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.41). The 5-year figure is 0.53, and annualized covariance runs at 207.3 %².
By 3-year correlation, SPY places #15 of the 33 assets tracked against NFLX. Correlation aside, the last 12 months split them widely, with SPY ahead by 55.3 points (-34.7% versus +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.09 and 0.71 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: NFLX is 2.4 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.
NFLX vs SPY: side by side
| NFLX (Netflix) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -34.7% | +20.6% |
| 5-year return | +41.0% | +82.4% |
| Volatility (ann.) | 35.2% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -49.5% | -18.8% |
| Market cap | $332.4B | – |
| P/E (trailing) | 25.7 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Communication Services | 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 | NFLX | SPY |
|---|---|---|
| 2022 | -51.1% | -18.2% |
| 2023 | +65.1% | +26.2% |
| 2024 | +83.1% | +24.9% |
| 2025 | +5.2% | +17.7% |
| 2026 | -14.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
NFLX represents 0.52% of SPY's portfolio, so part of any move in SPY is NFLX itself, and the correlation between them is partly mechanical.
Are NFLX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NFLX and SPY?
The NFLX/SPY correlation stands at 0.41 on a 3-year window (1 year: 0.10, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for NFLX?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: NFLX correlations · SPY correlations
