IDA vs SPY: Correlation
Measured on weekly returns over the past three years, IDACORP, Inc. (IDA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IDA and SPY?
Across a 3-year window, the weekly returns of IDA and SPY correlate at 0.08, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.06) than the 3-year average (0.08). Stretching to 5 years gives 0.28, with an annualized covariance of 20.4 %².
Out of 18 assets tracked against IDA, SPY lands near the bottom at #14. The trailing year gives SPY the advantage: +11.6% versus +20.6%, a 9.0-point spread.
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.
IDA vs SPY: side by side
| IDA (IDACORP, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.6% | +20.6% |
| 5-year return | +51.7% | +82.4% |
| Volatility (ann.) | 17.8% | 14.5% |
| Beta vs S&P 500 | 0.10 | 1.00 |
| Max drawdown (3Y) | -13.6% | -18.8% |
| Market cap | $8.0B | – |
| P/E (trailing) | 22.9 | – |
| Dividend yield | 2.53% | 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 | IDA | SPY |
|---|---|---|
| 2022 | -2.1% | -18.2% |
| 2023 | -6.0% | +26.2% |
| 2024 | +15.0% | +24.9% |
| 2025 | +19.2% | +17.7% |
| 2026 | +10.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IDA and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between IDA and SPY?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with -0.06 over the last year and 0.28 over 5 years.
Is SPY a good diversifier for IDA?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
What does a correlation of 0.08 mean?
A reading of 0.08 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: IDA correlations · SPY correlations
