SPCE vs SPY: Correlation
How closely do Virgin Galactic Holdings, Inc. (SPCE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPCE and SPY?
Over the past 3 years, SPCE and SPY moved with a correlation of 0.41, which is moderate. Recent behaviour matches the longer record: 0.38 over 1 year against 0.41 over 3. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 590.0 %².
Within SPCE's tracked universe of 19 assets, SPY comes in at #10 by 3-year correlation. The last year tells two different stories: SPY led by 23.5 percentage points, -2.9% for SPCE against +20.6% for SPY. Risk is not evenly split, since SPCE carries 6.9 times the volatility of the other side.
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.
SPCE vs SPY: side by side
| SPCE (Virgin Galactic Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.9% | +20.6% |
| 5-year return | -99.4% | +82.4% |
| Volatility (ann.) | 100.5% | 14.5% |
| Beta vs S&P 500 | 2.82 | 1.00 |
| Max drawdown (3Y) | -96.0% | -18.8% |
| Market cap | $0.5B | – |
| 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 | SPCE | SPY |
|---|---|---|
| 2022 | -74.0% | -18.2% |
| 2023 | -29.6% | +26.2% |
| 2024 | -88.0% | +24.9% |
| 2025 | -45.4% | +17.7% |
| 2026 | -6.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPCE and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPCE and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.38 over the last year and 0.42 over 5 years.
Is SPY a good diversifier for SPCE?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 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: SPCE correlations · SPY correlations
