IFS vs SPY: Correlation
Intercorp Financial Services Inc. (IFS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IFS and SPY?
On 3 years of weekly data the IFS/SPY correlation comes out at 0.25, weak. Little has changed lately, as the 1-year reading of 0.24 lands near the 3-year figure. The 5-year figure is 0.26, and annualized covariance runs at 109.1 %².
Out of 11 assets tracked against IFS, SPY lands near the bottom at #7. The last year tells two different stories: IFS led by 22.6 percentage points, +43.2% for IFS against +20.6% for SPY. Note the risk asymmetry: IFS runs 2.1 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.
IFS vs SPY: side by side
| IFS (Intercorp Financial Services Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +43.2% | +20.6% |
| 5-year return | +212.7% | +82.4% |
| Volatility (ann.) | 30.7% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -26.8% | -18.8% |
| Market cap | $6.0B | – |
| P/E (trailing) | 10.0 | – |
| Dividend yield | 11.04% | 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 | IFS | SPY |
|---|---|---|
| 2022 | -5.4% | -18.2% |
| 2023 | -1.5% | +26.2% |
| 2024 | +39.9% | +24.9% |
| 2025 | +49.0% | +17.7% |
| 2026 | +33.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IFS and SPY good diversifiers for each other?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IFS and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.24 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for IFS?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.25 mean?
A reading of 0.25 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: IFS correlations · SPY correlations
