Amazon (AMZN) vs S&P 500
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
Amazon versus SPY combines consumer discretionary e-commerce with enterprise AWS exposure. Outperformance signals robust consumer spending and strong AWS growth. Underperformance often reflects consumer weakness, margin compression in retail, or AWS decelerating relative to Azure and Google Cloud.
Cross-Asset Analysis
To orient the reader: Amazon (AMZN) represents amazon.com Inc., e-commerce and AWS cloud leader and S&P 500 ETF (SPY) represents SPDR S&P 500 ETF, tracks the benchmark US equity index, which is why this comparison sits in the cross asset pair category on Convex. Risk-off regimes compress correlations and compress the Amazon (AMZN)-S&P 500 ETF (SPY) spread into narrower ranges. Structural shifts affecting Amazon (AMZN) or S&P 500 ETF (SPY), including retail demand or regulatory changes, can structurally reshape the relationship.
Regime classification based on Amazon (AMZN)-S&P 500 ETF (SPY) can be circular, because extreme spread values often clear via mean reversion or regime change. Macro funds use the Amazon (AMZN)-S&P 500 ETF (SPY) spread to articulate views cleaner than single-asset trades, distilling the exact macro factor they want to bet on. Analysts combine Amazon (AMZN) with S&P 500 ETF (SPY) to build cross-asset indicators that are tougher to game than any single-market series.
In risk-on periods, correlations across asset classes converge toward fair values, and the Amazon (AMZN)-S&P 500 ETF (SPY) spread usually obey its historical fair value. Real yields, liquidity conditions, and the dollar drive most cross-asset relationships, and when these change Amazon (AMZN) and S&P 500 ETF (SPY) both respond at varying speeds.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between Amazon (AMZN) and S&P 500 ETF (SPY)?+
Amazon (AMZN) and S&P 500 ETF (SPY) are connected through shared macro drivers across asset classes. When the dominant macro driver shifts, both respond, though with different sensitivities and at different speeds. The spread between Amazon (AMZN) and S&P 500 ETF (SPY) captures the specific macro signal that flows through this relationship.
When does Amazon (AMZN) typically lead S&P 500 ETF (SPY)?+
Amazon (AMZN) tends to lead S&P 500 ETF (SPY) during macro regime changes, where the more liquid asset moves first. In those periods, moves in Amazon (AMZN) precede corresponding moves in S&P 500 ETF (SPY) by days to weeks, depending on the transmission channel and the depth of each market.
How are Amazon (AMZN) and S&P 500 ETF (SPY) historically correlated?+
Long-run correlation between Amazon (AMZN) and S&P 500 ETF (SPY) varies by regime. Cross-asset correlations vary by regime, tending to tighten in stress and loosen during normal conditions. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the Amazon (AMZN)-S&P 500 ETF (SPY) relationship.
What macro conditions drive divergence between Amazon (AMZN) and S&P 500 ETF (SPY)?+
Divergence between Amazon (AMZN) and S&P 500 ETF (SPY) typically arises from idiosyncratic shocks in one asset, policy interventions, or structural shifts in demand. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in Amazon (AMZN) or S&P 500 ETF (SPY).
Is Amazon (AMZN) a hedge for S&P 500 ETF (SPY)?+
Cross-asset hedges between Amazon (AMZN) and S&P 500 ETF (SPY) work when the macro drivers of the two assets are sufficiently decorrelated, which depends on the regime and therefore needs to be reviewed as conditions change. Effective hedging requires matching the hedge to the specific risk being protected, and the Amazon (AMZN)-S&P 500 ETF (SPY) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.