SPY vs TEAM: Correlation
How closely do SPDR S&P 500 ETF Trust (SPY) and Atlassian Corporation (TEAM) 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 TEAM?
Over the past 3 years, SPY and TEAM moved with a correlation of 0.39, which is moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 347.4 %².
By 3-year correlation, TEAM places #1285 of the 4755 assets tracked against SPY. On 12-month performance SPY holds a 12.6-point edge, +20.6% against +8.0%. Note the risk asymmetry: TEAM runs 4.2 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.
SPY vs TEAM: side by side
| SPY (SPDR S&P 500 ETF Trust) | TEAM (Atlassian Corporation) | |
|---|---|---|
| 1-year return | +20.6% | +8.0% |
| 5-year return | +82.4% | -49.3% |
| Volatility (ann.) | 14.5% | 61.5% |
| Beta vs S&P 500 | 1.00 | 1.66 |
| Max drawdown (3Y) | -18.8% | -82.3% |
| Market cap | – | $47.0B |
| 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 | TEAM |
|---|---|---|
| 2022 | -18.2% | -66.3% |
| 2023 | +26.2% | +84.8% |
| 2024 | +24.9% | +2.3% |
| 2025 | +17.7% | -33.4% |
| 2026 | +13.7% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TEAM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TEAM?
As of 2026-08-27, the correlation of weekly returns between SPY and TEAM is 0.39 over 3 years, 0.38 over 1 year and 0.48 over 5 years.
Is TEAM a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 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: SPY correlations · TEAM correlations
