IIIN vs SPY: Correlation
Insteel Industries, Inc. (IIIN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IIIN and SPY?
On 3 years of weekly data the IIIN/SPY correlation comes out at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at -0.13 versus 0.36 over 3 years. The 5-year figure is 0.35, and annualized covariance runs at 207.0 %².
Within IIIN's tracked universe of 17 assets, SPY comes in at #7 by 3-year correlation. The last year tells two different stories: SPY led by 38.8 percentage points, -18.2% for IIIN against +20.6% for SPY. One caveat on sizing: IIIN is 2.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
IIIN vs SPY: side by side
| IIIN (Insteel Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -18.2% | +20.6% |
| 5-year return | +6.5% | +82.4% |
| Volatility (ann.) | 39.5% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -37.0% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 16.3 | – |
| Dividend yield | 0.39% | 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 | IIIN | SPY |
|---|---|---|
| 2022 | -25.6% | -18.2% |
| 2023 | +50.0% | +26.2% |
| 2024 | -26.8% | +24.9% |
| 2025 | +21.5% | +17.7% |
| 2026 | -3.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IIIN and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between IIIN and SPY?
As of 2026-08-27, the correlation of weekly returns between IIIN and SPY is 0.36 over 3 years, -0.13 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for IIIN?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iiin-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iiin-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IIIN correlations · SPY correlations
