ICE vs SPY: Correlation
Intercontinental Exchange (ICE) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICE and SPY?
Across a 3-year window, the weekly returns of ICE and SPY correlate at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.24) runs below the 3-year figure (0.42). Stretching to 5 years gives 0.57, with an annualized covariance of 129.7 %².
By 3-year correlation, SPY places #18 of the 31 assets tracked against ICE. Correlation aside, the last 12 months split them widely, with SPY ahead by 28.5 points (-7.9% versus +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.26 and 0.81 over the past three years, so this pair behaves very differently depending on the market environment.
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.
ICE vs SPY: side by side
| ICE (Intercontinental Exchange) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -7.9% | +20.6% |
| 5-year return | +44.2% | +82.4% |
| Volatility (ann.) | 21.2% | 14.5% |
| Beta vs S&P 500 | 0.62 | 1.00 |
| Max drawdown (3Y) | -33.9% | -18.8% |
| Market cap | $90.5B | – |
| P/E (trailing) | 22.7 | – |
| Dividend yield | 1.24% | 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 | ICE | SPY |
|---|---|---|
| 2022 | -23.9% | -18.2% |
| 2023 | +27.1% | +26.2% |
| 2024 | +17.5% | +24.9% |
| 2025 | +9.9% | +17.7% |
| 2026 | +0.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ICE represents 0.14% of SPY's portfolio, so part of any move in SPY is ICE itself, and the correlation between them is partly mechanical.
Are ICE and SPY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ICE and SPY?
As of 2026-08-27, the correlation of weekly returns between ICE and SPY is 0.42 over 3 years, 0.24 over 1 year and 0.57 over 5 years.
Is SPY a good diversifier for ICE?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 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/ice-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ice-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ICE correlations · SPY correlations
