SPGI vs SPY: Correlation
S&P Global (SPGI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPGI and SPY?
On 3 years of weekly data the SPGI/SPY correlation comes out at 0.50, moderate. The link has loosened recently: the 1-year correlation (0.23) runs below the 3-year figure (0.50). The 5-year figure is 0.62, and annualized covariance runs at 179.7 %².
By 3-year correlation, SPY places #23 of the 40 assets tracked against SPGI. The last year tells two different stories: SPY led by 36.2 percentage points, -15.6% for SPGI against +20.6% for SPY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.25 to 0.84. One caveat on sizing: SPGI is 1.7 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.
SPGI vs SPY: side by side
| SPGI (S&P Global) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.6% | +20.6% |
| 5-year return | +8.1% | +82.4% |
| Volatility (ann.) | 24.7% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -30.5% | -18.8% |
| Market cap | $128.4B | – |
| P/E (trailing) | 26.6 | – |
| Dividend yield | 0.88% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | SPGI | SPY |
|---|---|---|
| 2022 | -28.4% | -18.2% |
| 2023 | +32.8% | +26.2% |
| 2024 | +13.9% | +24.9% |
| 2025 | +5.7% | +17.7% |
| 2026 | -11.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.2% of SPY is SPGI itself, so the fund partly moves with the stock by construction.
Are SPGI and SPY good diversifiers for each other?
Only partially. A correlation of 0.50 means SPGI 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 SPGI and SPY?
The SPGI/SPY correlation stands at 0.50 on a 3-year window (1 year: 0.23, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SPGI?
Only partially. A correlation of 0.50 means SPGI 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?
On the −1 to +1 scale, 0.50 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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Related comparisons
Hubs: SPGI correlations · SPY correlations
