IBEX vs SPY: Correlation
IBEX Limited - Common Share (IBEX) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.33.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBEX and SPY?
Across a 3-year window, the weekly returns of IBEX and SPY correlate at 0.33, moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.33 over 3. Stretching to 5 years gives 0.27, with an annualized covariance of 215.1 %².
Among the 12 assets we track against IBEX, SPY ranks #7 by 3-year correlation. The trailing year gives IBEX the advantage: +26.7% versus +20.6%, a 6.1-point spread. One caveat on sizing: IBEX is 3.1 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.
IBEX vs SPY: side by side
| IBEX (IBEX Limited - Common Share) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.7% | +20.6% |
| 5-year return | +104.6% | +82.4% |
| Volatility (ann.) | 45.5% | 14.5% |
| Beta vs S&P 500 | 1.03 | 1.00 |
| Max drawdown (3Y) | -37.1% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 11.5 | – |
| 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 | IBEX | SPY |
|---|---|---|
| 2022 | +92.8% | -18.2% |
| 2023 | -23.5% | +26.2% |
| 2024 | +13.0% | +24.9% |
| 2025 | +77.7% | +17.7% |
| 2026 | -2.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBEX and SPY good diversifiers for each other?
Reasonably. At 0.33, IBEX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IBEX and SPY?
The IBEX/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.39, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for IBEX?
Reasonably. At 0.33, IBEX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 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: IBEX correlations · SPY correlations
