IGIC vs SPY: Correlation
International General Insurance Holdings Ltd. (IGIC) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IGIC and SPY?
On 3 years of weekly data the IGIC/SPY correlation comes out at 0.27, weak. The link has loosened recently: the 1-year correlation (0.06) runs below the 3-year figure (0.27). The 5-year figure is 0.20, and annualized covariance runs at 109.8 %².
Within IGIC's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. Twelve-month performance is nearly a tie, at +15.8% for IGIC and +20.6% for SPY. Risk is not evenly split, since IGIC carries 2.0 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.
IGIC vs SPY: side by side
| IGIC (International General Insurance Holdings Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.8% | +20.6% |
| 5-year return | +246.3% | +82.4% |
| Volatility (ann.) | 28.5% | 14.5% |
| Beta vs S&P 500 | 0.53 | 1.00 |
| Max drawdown (3Y) | -18.2% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 10.7 | – |
| Dividend yield | 1.31% | 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 | IGIC | SPY |
|---|---|---|
| 2022 | +1.6% | -18.2% |
| 2023 | +61.7% | +26.2% |
| 2024 | +92.4% | +24.9% |
| 2025 | +13.8% | +17.7% |
| 2026 | +12.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IGIC and SPY good diversifiers for each other?
Reasonably. At 0.27, IGIC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IGIC and SPY?
As of 2026-08-27, the correlation of weekly returns between IGIC and SPY is 0.27 over 3 years, 0.06 over 1 year and 0.20 over 5 years.
Is SPY a good diversifier for IGIC?
Reasonably. At 0.27, IGIC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: IGIC correlations · SPY correlations
