SPOK vs SPY: Correlation
How closely do Spok Holdings, Inc. (SPOK) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPOK and SPY?
Across a 3-year window, the weekly returns of SPOK and SPY correlate at 0.32, moderate. Recent behaviour matches the longer record: 0.25 over 1 year against 0.32 over 3. Stretching to 5 years gives 0.21, with an annualized covariance of 124.8 %².
SPY is close to the least connected end of SPOK's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 55.5 percentage points (-34.9% for SPOK against +20.6% for SPY). Note the risk asymmetry: SPOK runs 1.9 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.
SPOK vs SPY: side by side
| SPOK (Spok Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -34.9% | +20.6% |
| 5-year return | +119.7% | +82.4% |
| Volatility (ann.) | 26.9% | 14.5% |
| Beta vs S&P 500 | 0.60 | 1.00 |
| Max drawdown (3Y) | -39.9% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 18.2 | – |
| Dividend yield | 12.00% | 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 | SPOK | SPY |
|---|---|---|
| 2022 | +2.9% | -18.2% |
| 2023 | +108.0% | +26.2% |
| 2024 | +12.1% | +24.9% |
| 2025 | -10.9% | +17.7% |
| 2026 | -14.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPOK and SPY good diversifiers for each other?
Reasonably. At 0.32, SPOK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between SPOK and SPY?
The SPOK/SPY correlation stands at 0.32 on a 3-year window (1 year: 0.25, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for SPOK?
Reasonably. At 0.32, SPOK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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: SPOK correlations · SPY correlations
