IBN vs SPY: Correlation
ICICI Bank Limited (IBN) 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 IBN and SPY?
On 3 years of weekly data the IBN/SPY correlation comes out at 0.33, moderate. The relationship has been stable: the 1-year correlation (0.32) sits close to the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 96.1 %².
Within IBN's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 26.4 points (-5.8% versus +20.6%).
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.
IBN vs SPY: side by side
| IBN (ICICI Bank Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.8% | +20.6% |
| 5-year return | +60.9% | +82.4% |
| Volatility (ann.) | 20.2% | 14.5% |
| Beta vs S&P 500 | 0.46 | 1.00 |
| Max drawdown (3Y) | -26.2% | -18.8% |
| Market cap | $107.1B | – |
| P/E (trailing) | 18.7 | – |
| 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 | IBN | SPY |
|---|---|---|
| 2022 | +11.3% | -18.2% |
| 2023 | +9.8% | +26.2% |
| 2024 | +26.3% | +24.9% |
| 2025 | +0.6% | +17.7% |
| 2026 | +1.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBN and SPY good diversifiers for each other?
Reasonably. At 0.33, IBN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IBN and SPY?
The IBN/SPY correlation stands at 0.33 on a 3-year window (1 year: 0.32, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for IBN?
Reasonably. At 0.33, IBN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: IBN correlations · SPY correlations
