SNAP vs SPY: Correlation
How closely do Snap Inc. (SNAP) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SNAP and SPY?
Across a 3-year window, the weekly returns of SNAP and SPY correlate at 0.38, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.57 versus 0.38 over 3 years. Stretching to 5 years gives 0.40, with an annualized covariance of 332.2 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against SNAP. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 44.3 percentage points (-23.7% for SNAP against +20.6% for SPY). Note the risk asymmetry: SNAP runs 4.1 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.
SNAP vs SPY: side by side
| SNAP (Snap Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -23.7% | +20.6% |
| 5-year return | -92.8% | +82.4% |
| Volatility (ann.) | 59.8% | 14.5% |
| Beta vs S&P 500 | 1.59 | 1.00 |
| Max drawdown (3Y) | -77.5% | -18.8% |
| Market cap | $9.0B | – |
| P/E (trailing) | – | – |
| 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 | SNAP | SPY |
|---|---|---|
| 2022 | -81.0% | -18.2% |
| 2023 | +89.2% | +26.2% |
| 2024 | -36.4% | +24.9% |
| 2025 | -25.1% | +17.7% |
| 2026 | -34.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SNAP and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SNAP and SPY?
The SNAP/SPY correlation stands at 0.38 on a 3-year window (1 year: 0.57, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SNAP?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
A reading of 0.38 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: SNAP correlations · SPY correlations
