SPY vs SSYS: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Stratasys, Ltd. (SSYS) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and SSYS?
Across a 3-year window, the weekly returns of SPY and SSYS correlate at 0.39, moderate. The link has tightened recently: the 1-year correlation (0.58) runs above the 3-year figure (0.39). Stretching to 5 years gives 0.44, with an annualized covariance of 288.0 %².
Among the 4755 assets we track against SPY, SSYS ranks #1283 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 48.3 percentage points (+20.6% for SPY against -27.7% for SSYS). Risk is not evenly split, since SSYS carries 3.5 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.
SPY vs SSYS: side by side
| SPY (SPDR S&P 500 ETF Trust) | SSYS (Stratasys, Ltd.) | |
|---|---|---|
| 1-year return | +20.6% | -27.7% |
| 5-year return | +82.4% | -61.1% |
| Volatility (ann.) | 14.5% | 50.7% |
| Beta vs S&P 500 | 1.00 | 1.38 |
| Max drawdown (3Y) | -18.8% | -58.4% |
| Market cap | – | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 0.00% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
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 | SPY | SSYS |
|---|---|---|
| 2022 | -18.2% | -51.6% |
| 2023 | +26.2% | +20.4% |
| 2024 | +24.9% | -37.7% |
| 2025 | +17.7% | -2.4% |
| 2026 | +13.7% | -8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and SSYS good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and SSYS?
As of 2026-08-27, the correlation of weekly returns between SPY and SSYS is 0.39 over 3 years, 0.58 over 1 year and 0.44 over 5 years.
Is SSYS a good diversifier for SPY?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/spy-vs-ssys.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/spy-vs-ssys/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: SPY correlations · SSYS correlations
