PODD vs SPY: Correlation
How closely do Insulet Corporation (PODD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PODD and SPY?
Over the past 3 years, PODD and SPY moved with a correlation of 0.25, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.24 versus 0.25 over 3 years. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 139.1 %².
By 3-year correlation, SPY places #20 of the 31 assets tracked against PODD. Correlation aside, the last 12 months split them widely, with SPY ahead by 77.7 points (-57.1% versus +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.21 to 0.51. Risk is not evenly split, since PODD carries 2.7 times the volatility of the other side.
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.
PODD vs SPY: side by side
| PODD (Insulet Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -57.1% | +20.6% |
| 5-year return | -51.6% | +82.4% |
| Volatility (ann.) | 38.9% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -62.2% | -18.8% |
| Market cap | $9.9B | – |
| P/E (trailing) | 26.9 | – |
| Dividend yield | 0.00% | 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 | PODD | SPY |
|---|---|---|
| 2022 | +10.6% | -18.2% |
| 2023 | -26.3% | +26.2% |
| 2024 | +20.3% | +24.9% |
| 2025 | +8.9% | +17.7% |
| 2026 | -49.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PODD and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PODD and SPY?
The PODD/SPY correlation stands at 0.25 on a 3-year window (1 year: -0.24, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for PODD?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 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: PODD correlations · SPY correlations
