QCOM vs SPY: Correlation
How closely do Qualcomm (QCOM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QCOM and SPY?
Over the past 3 years, QCOM and SPY moved with a correlation of 0.60, which is strong. Little has changed lately, as the 1-year reading of 0.54 lands near the 3-year figure. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 370.0 %².
Among the 41 assets we track against QCOM, SPY ranks #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 15.3 points (+5.3% versus +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.50 to 0.81. One caveat on sizing: QCOM is 2.9 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.
QCOM vs SPY: side by side
| QCOM (Qualcomm) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.3% | +20.6% |
| 5-year return | +25.8% | +82.4% |
| Volatility (ann.) | 42.4% | 14.5% |
| Beta vs S&P 500 | 1.77 | 1.00 |
| Max drawdown (3Y) | -44.2% | -18.8% |
| Market cap | $176.0B | – |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 2.19% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | QCOM | SPY |
|---|---|---|
| 2022 | -38.6% | -18.2% |
| 2023 | +35.1% | +26.2% |
| 2024 | +8.3% | +24.9% |
| 2025 | +13.8% | +17.7% |
| 2026 | -2.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds QCOM at a 0.26% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are QCOM and SPY good diversifiers for each other?
Only partially. A correlation of 0.60 means QCOM and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between QCOM and SPY?
The QCOM/SPY correlation stands at 0.60 on a 3-year window (1 year: 0.54, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for QCOM?
Only partially. A correlation of 0.60 means QCOM and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
A reading of 0.60 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: QCOM correlations · SPY correlations
