IA vs SPY: Correlation
Innovative Solutions and Support, Inc. (IA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IA and SPY?
Over the past 3 years, IA and SPY moved with a correlation of 0.26, which is weak. The link has loosened recently: the 1-year correlation (0.10) runs below the 3-year figure (0.26). Over 5 years the correlation is 0.22, and the annualized covariance of weekly returns is 252.5 %².
Among the 10 assets we track against IA, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with IA ahead by 37.1 points (+57.7% versus +20.6%). Note the risk asymmetry: IA runs 4.6 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.
IA vs SPY: side by side
| IA (Innovative Solutions and Support, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.7% | +20.6% |
| 5-year return | +202.0% | +82.4% |
| Volatility (ann.) | 67.2% | 14.5% |
| Beta vs S&P 500 | 1.21 | 1.00 |
| Max drawdown (3Y) | -57.8% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 20.4 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
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 | IA | SPY |
|---|---|---|
| 2022 | +25.3% | -18.2% |
| 2023 | +3.8% | +26.2% |
| 2024 | +0.1% | +24.9% |
| 2025 | +121.8% | +17.7% |
| 2026 | +11.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IA and SPY 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 IA and SPY?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.10 over the last year and 0.22 over 5 years.
Is SPY a good diversifier for IA?
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?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ia-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ia-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IA correlations · SPY correlations
