SPY vs YTRA: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) and Yatra Online, Inc. (YTRA) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SPY and YTRA?
Across a 3-year window, the weekly returns of SPY and YTRA correlate at 0.26, weak. Recent behaviour matches the longer record: 0.18 over 1 year against 0.26 over 3. Stretching to 5 years gives 0.23, with an annualized covariance of 214.4 %².
Within SPY's tracked universe of 4755 assets, YTRA comes in at #2689 by 3-year correlation. The last year tells two different stories: SPY led by 50.2 percentage points, +20.6% for SPY against -29.6% for YTRA. One caveat on sizing: YTRA is 3.9 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.
SPY vs YTRA: side by side
| SPY (SPDR S&P 500 ETF Trust) | YTRA (Yatra Online, Inc.) | |
|---|---|---|
| 1-year return | +20.6% | -29.6% |
| 5-year return | +82.4% | -46.2% |
| Volatility (ann.) | 14.5% | 56.1% |
| Beta vs S&P 500 | 1.00 | 1.03 |
| Max drawdown (3Y) | -18.8% | -77.4% |
| Market cap | – | $0.1B |
| 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 |
On the fund side, SPY sits in the Large Blend category at State Street Investment Management, with $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | YTRA |
|---|---|---|
| 2022 | -18.2% | +39.3% |
| 2023 | +26.2% | -32.4% |
| 2024 | +24.9% | -22.7% |
| 2025 | +17.7% | +41.3% |
| 2026 | +13.7% | -44.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and YTRA good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between SPY and YTRA?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.18 over the last year and 0.23 over 5 years.
Is YTRA a good diversifier for SPY?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
A reading of 0.26 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: SPY correlations · YTRA correlations
