ICMB vs SPY: Correlation
Investcorp Credit Management BDC, Inc. (ICMB) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ICMB and SPY?
Across a 3-year window, the weekly returns of ICMB and SPY correlate at 0.15, weak. Recent behaviour matches the longer record: 0.18 over 1 year against 0.15 over 3. Stretching to 5 years gives 0.20, with an annualized covariance of 96.6 %².
By 3-year correlation, SPY places #7 of the 13 assets tracked against ICMB. The last year tells two different stories: SPY led by 88.6 percentage points, -68.0% for ICMB against +20.6% for SPY. One caveat on sizing: ICMB is 3.1 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.
ICMB vs SPY: side by side
| ICMB (Investcorp Credit Management BDC, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -68.0% | +20.6% |
| 5-year return | -68.9% | +82.4% |
| Volatility (ann.) | 44.6% | 14.5% |
| Beta vs S&P 500 | 0.46 | 1.00 |
| Max drawdown (3Y) | -75.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 28.76% | 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 | ICMB | SPY |
|---|---|---|
| 2022 | -19.0% | -18.2% |
| 2023 | +19.0% | +26.2% |
| 2024 | +0.7% | +24.9% |
| 2025 | +5.9% | +17.7% |
| 2026 | -68.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ICMB and SPY good diversifiers for each other?
Yes. With a correlation of 0.15, ICMB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ICMB and SPY?
The ICMB/SPY correlation stands at 0.15 on a 3-year window (1 year: 0.18, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ICMB?
Yes. With a correlation of 0.15, ICMB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 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.
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Related comparisons
Hubs: ICMB correlations · SPY correlations
