QTWO vs SPY: Correlation
Q2 Holdings, Inc. (QTWO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QTWO and SPY?
Over the past 3 years, QTWO and SPY moved with a correlation of 0.49, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.16 versus 0.49 over 3 years. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 293.9 %².
By 3-year correlation, SPY places #25 of the 39 assets tracked against QTWO. Correlation aside, the last 12 months split them widely, with SPY ahead by 36.6 points (-16.0% versus +20.6%). Note the risk asymmetry: QTWO runs 2.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
QTWO vs SPY: side by side
| QTWO (Q2 Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -16.0% | +20.6% |
| 5-year return | -24.7% | +82.4% |
| Volatility (ann.) | 41.9% | 14.5% |
| Beta vs S&P 500 | 1.41 | 1.00 |
| Max drawdown (3Y) | -62.0% | -18.8% |
| Market cap | $4.1B | – |
| P/E (trailing) | 45.9 | – |
| 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 | QTWO | SPY |
|---|---|---|
| 2022 | -66.2% | -18.2% |
| 2023 | +61.6% | +26.2% |
| 2024 | +131.9% | +24.9% |
| 2025 | -28.3% | +17.7% |
| 2026 | -9.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QTWO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between QTWO and SPY?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.16 over the last year and 0.57 over 5 years.
Is SPY a good diversifier for QTWO?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/qtwo-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/qtwo-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: QTWO correlations · SPY correlations
