S&P 500 ETF (SPY) Bitcoin Correlation

Name: S&P 500 ETF (SPY) correlation to Bitcoin
Creator: Trade The Cycle

S&P 500 ETF (SPY) closed at $766 with a correlation to bitcoin of 0.27, which is very weak positive correlation. That figure is measured on 90 days of daily returns as of Aug 26, 2026, and it moves as the window rolls forward.

The S&P 500 ETF is the benchmark in this set rather than a bitcoin company. It is here as the control: whatever correlation it shows to bitcoin is the share attributable to the broad market rather than to anything crypto-specific.

Correlation measures whether two prices moved together, not whether one caused the other and not by how much. A company can hold bitcoin and still track it loosely, and a company that holds none can track it closely because both respond to the same conditions.