IFF vs SPY: Correlation
Measured on weekly returns over the past three years, International Flavors & Fragrances (IFF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IFF and SPY?
On 3 years of weekly data the IFF/SPY correlation comes out at 0.34, moderate. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. The 5-year figure is 0.47, and annualized covariance runs at 144.0 %².
By 3-year correlation, SPY places #21 of the 32 assets tracked against IFF. The trailing year gives IFF the advantage: +33.2% versus +20.6%, a 12.6-point spread. Across three years, the rolling one-year figure varied moderately, from 0.18 to 0.62. Note the risk asymmetry: IFF runs 2.0 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.
IFF vs SPY: side by side
| IFF (International Flavors & Fragrances) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.2% | +20.6% |
| 5-year return | -34.3% | +82.4% |
| Volatility (ann.) | 29.5% | 14.5% |
| Beta vs S&P 500 | 0.69 | 1.00 |
| Max drawdown (3Y) | -42.6% | -18.8% |
| Market cap | $22.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.84% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | IFF | SPY |
|---|---|---|
| 2022 | -28.3% | -18.2% |
| 2023 | -19.5% | +26.2% |
| 2024 | +6.3% | +24.9% |
| 2025 | -18.4% | +17.7% |
| 2026 | +30.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IFF and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between IFF and SPY?
As of 2026-08-27, the correlation of weekly returns between IFF and SPY is 0.34 over 3 years, 0.33 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for IFF?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
A reading of 0.34 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: IFF correlations · SPY correlations
