IESC vs SPY: Correlation
IES Holdings, Inc. (IESC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IESC and SPY?
On 3 years of weekly data the IESC/SPY correlation comes out at 0.35, moderate. The past 12 months show a weaker link (0.08) than the 3-year average (0.35). The 5-year figure is 0.34, and annualized covariance runs at 348.0 %².
Within IESC's tracked universe of 18 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 26.8 percentage points (-6.2% for IESC against +20.6% for SPY). Risk is not evenly split, since IESC carries 4.7 times the volatility of the other side.
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.
IESC vs SPY: side by side
| IESC (IES Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.2% | +20.6% |
| 5-year return | +580.8% | +82.4% |
| Volatility (ann.) | 68.3% | 14.5% |
| Beta vs S&P 500 | 1.67 | 1.00 |
| Max drawdown (3Y) | -60.5% | -18.8% |
| Market cap | $13.3B | – |
| P/E (trailing) | 29.5 | – |
| 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 | IESC | SPY |
|---|---|---|
| 2022 | -29.8% | -18.2% |
| 2023 | +122.7% | +26.2% |
| 2024 | +153.7% | +24.9% |
| 2025 | +93.6% | +17.7% |
| 2026 | -14.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IESC and SPY good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IESC and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.08 over the last year and 0.34 over 5 years.
Is SPY a good diversifier for IESC?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
A reading of 0.35 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: IESC correlations · SPY correlations
