SPIR vs SPY: Correlation
How closely do Spire Global, Inc. (SPIR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPIR and SPY?
On 3 years of weekly data the SPIR/SPY correlation comes out at 0.36, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. The 5-year figure is 0.40, and annualized covariance runs at 490.6 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against SPIR. Correlation aside, the last 12 months split them widely, with SPIR ahead by 33.1 points (+53.7% versus +20.6%). One caveat on sizing: SPIR is 6.5 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.
SPIR vs SPY: side by side
| SPIR (Spire Global, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +53.7% | +20.6% |
| 5-year return | -81.3% | +82.4% |
| Volatility (ann.) | 94.0% | 14.5% |
| Beta vs S&P 500 | 2.35 | 1.00 |
| Max drawdown (3Y) | -66.2% | -18.8% |
| Market cap | $0.6B | – |
| 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 | SPIR | SPY |
|---|---|---|
| 2022 | -71.6% | -18.2% |
| 2023 | +1.8% | +26.2% |
| 2024 | +79.9% | +24.9% |
| 2025 | -46.7% | +17.7% |
| 2026 | +86.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPIR and SPY good diversifiers for each other?
Reasonably. At 0.36, SPIR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPIR and SPY?
As of 2026-08-27, the correlation of weekly returns between SPIR and SPY is 0.36 over 3 years, 0.43 over 1 year and 0.40 over 5 years.
Is SPY a good diversifier for SPIR?
Reasonably. At 0.36, SPIR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 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: SPIR correlations · SPY correlations
