ICFI vs SPY: Correlation
How closely do ICF International, Inc. (ICFI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICFI and SPY?
Across a 3-year window, the weekly returns of ICFI and SPY correlate at 0.23, weak. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. Stretching to 5 years gives 0.32, with an annualized covariance of 126.0 %².
Among the 13 assets we track against ICFI, SPY sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 30.0 percentage points (-9.4% for ICFI against +20.6% for SPY). Note the risk asymmetry: ICFI runs 2.6 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.
ICFI vs SPY: side by side
| ICFI (ICF International, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -9.4% | +20.6% |
| 5-year return | -2.1% | +82.4% |
| Volatility (ann.) | 37.8% | 14.5% |
| Beta vs S&P 500 | 0.60 | 1.00 |
| Max drawdown (3Y) | -65.6% | -18.8% |
| Market cap | $1.6B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.63% | 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 | ICFI | SPY |
|---|---|---|
| 2022 | -2.9% | -18.2% |
| 2023 | +36.0% | +26.2% |
| 2024 | -10.8% | +24.9% |
| 2025 | -28.0% | +17.7% |
| 2026 | +5.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICFI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ICFI and SPY?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.33 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for ICFI?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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: ICFI correlations · SPY correlations
