IBTA vs SPY: Correlation
Ibotta, Inc. (IBTA) 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 IBTA and SPY?
Across a 3-year window, the weekly returns of IBTA and SPY correlate at 0.26, weak. Little has changed lately, as the 1-year reading of 0.31 lands near the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of 304.0 %².
SPY is close to the least connected end of IBTA's tracked universe, ranking #16 of 19. Correlation aside, the last 12 months split them widely, with IBTA ahead by 21.7 points (+42.3% versus +20.6%). Note the risk asymmetry: IBTA runs 5.4 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.
IBTA vs SPY: side by side
| IBTA (Ibotta, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +42.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 79.0% | 14.5% |
| Beta vs S&P 500 | 1.45 | 1.00 |
| Max drawdown (3Y) | -82.5% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| 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 | IBTA | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -65.1% | +17.7% |
| 2026 | +60.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IBTA 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 IBTA and SPY?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.31 over the last year and n/a over 5 years.
Is SPY a good diversifier for IBTA?
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?
A reading of 0.26 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: IBTA correlations · SPY correlations
