ROKU vs SPY: Correlation
Roku, Inc. (ROKU) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.60.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ROKU and SPY?
On 3 years of weekly data the ROKU/SPY correlation comes out at 0.60, strong. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. The 5-year figure is 0.55, and annualized covariance runs at 519.2 %².
Among the 14 assets we track against ROKU, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months ROKU outperformed by 41.9 percentage points (+62.5% for ROKU against +20.6% for SPY). One caveat on sizing: ROKU is 4.1 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.
ROKU vs SPY: side by side
| ROKU (Roku, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +62.5% | +20.6% |
| 5-year return | -56.1% | +82.4% |
| Volatility (ann.) | 59.9% | 14.5% |
| Beta vs S&P 500 | 2.49 | 1.00 |
| Max drawdown (3Y) | -51.7% | -18.8% |
| Market cap | $23.2B | – |
| P/E (trailing) | 67.1 | – |
| 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 | ROKU | SPY |
|---|---|---|
| 2022 | -82.2% | -18.2% |
| 2023 | +125.2% | +26.2% |
| 2024 | -18.9% | +24.9% |
| 2025 | +45.9% | +17.7% |
| 2026 | +44.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ROKU and SPY good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ROKU and SPY?
The ROKU/SPY correlation stands at 0.60 on a 3-year window (1 year: 0.53, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ROKU?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 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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Hubs: ROKU correlations · SPY correlations
