IBKR vs SPY: Correlation
Measured on weekly returns over the past three years, Interactive Brokers (IBKR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.58, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IBKR and SPY?
On 3 years of weekly data the IBKR/SPY correlation comes out at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. The 5-year figure is 0.55, and annualized covariance runs at 286.4 %².
Among the 32 assets we track against IBKR, SPY ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months IBKR outperformed by 36.4 percentage points (+57.0% for IBKR against +20.6% for SPY). The relationship is regime-dependent: the rolling one-year correlation swung between 0.09 and 0.76 over the past three years, so this pair behaves very differently depending on the market environment. One caveat on sizing: IBKR is 2.3 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.
IBKR vs SPY: side by side
| IBKR (Interactive Brokers) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.0% | +20.6% |
| 5-year return | +516.0% | +82.4% |
| Volatility (ann.) | 33.9% | 14.5% |
| Beta vs S&P 500 | 1.37 | 1.00 |
| Max drawdown (3Y) | -38.7% | -18.8% |
| Market cap | $164.5B | – |
| P/E (trailing) | 38.5 | – |
| Dividend yield | 0.34% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | IBKR | SPY |
|---|---|---|
| 2022 | -8.4% | -18.2% |
| 2023 | +15.1% | +26.2% |
| 2024 | +114.4% | +24.9% |
| 2025 | +46.4% | +17.7% |
| 2026 | +50.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
IBKR represents 0.07% of SPY's portfolio, so part of any move in SPY is IBKR itself, and the correlation between them is partly mechanical.
Are IBKR and SPY good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IBKR and SPY?
The IBKR/SPY correlation stands at 0.58 on a 3-year window (1 year: 0.58, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for IBKR?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
A reading of 0.58 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: IBKR correlations · SPY correlations
