SAP vs SPY: Correlation
Measured on weekly returns over the past three years, SAP SE (SAP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SAP and SPY?
Across a 3-year window, the weekly returns of SAP and SPY correlate at 0.50, moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Stretching to 5 years gives 0.56, with an annualized covariance of 212.9 %².
SPY is close to the least connected end of SAP's tracked universe, ranking #13 of 17. Correlation aside, the last 12 months split them widely, with SPY ahead by 38.8 points (-18.2% versus +20.6%). Note the risk asymmetry: SAP runs 2.0 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.
SAP vs SPY: side by side
| SAP (SAP SE) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -18.2% | +20.6% |
| 5-year return | +60.5% | +82.4% |
| Volatility (ann.) | 29.4% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -52.3% | -18.8% |
| Market cap | $255.3B | – |
| P/E (trailing) | 27.2 | – |
| Dividend yield | 1.18% | 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 | SAP | SPY |
|---|---|---|
| 2022 | -24.2% | -18.2% |
| 2023 | +52.3% | +26.2% |
| 2024 | +61.3% | +24.9% |
| 2025 | -0.4% | +17.7% |
| 2026 | -7.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SAP and SPY good diversifiers for each other?
Only partially. A correlation of 0.50 means SAP 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 SAP and SPY?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.40 over the last year and 0.56 over 5 years.
Is SPY a good diversifier for SAP?
Only partially. A correlation of 0.50 means SAP 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 0.50 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: SAP correlations · SPY correlations
