IGR vs SPY: Correlation
Measured on weekly returns over the past three years, CBRE Global Real Estate Income Fund (IGR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IGR and SPY?
On 3 years of weekly data the IGR/SPY correlation comes out at 0.44, moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.44 over 3. The 5-year figure is 0.60, and annualized covariance runs at 168.6 %².
Among the 24 assets we track against IGR, SPY ranks #19 by 3-year correlation. On 12-month performance SPY holds a 12.8-point edge, +7.8% against +20.6%. Note the risk asymmetry: IGR runs 1.8 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.
IGR vs SPY: side by side
| IGR (CBRE Global Real Estate Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.8% | +20.6% |
| 5-year return | -4.7% | +82.4% |
| Volatility (ann.) | 26.5% | 14.5% |
| Beta vs S&P 500 | 0.81 | 1.00 |
| Max drawdown (3Y) | -29.5% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 7.73% | 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 | IGR | SPY |
|---|---|---|
| 2022 | -35.5% | -18.2% |
| 2023 | +8.6% | +26.2% |
| 2024 | +1.2% | +24.9% |
| 2025 | +5.2% | +17.7% |
| 2026 | +16.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IGR and SPY good diversifiers for each other?
Reasonably. At 0.44, IGR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between IGR and SPY?
As of 2026-08-27, the correlation of weekly returns between IGR and SPY is 0.44 over 3 years, 0.52 over 1 year and 0.60 over 5 years.
Is SPY a good diversifier for IGR?
Reasonably. At 0.44, IGR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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: IGR correlations · SPY correlations
