ILPT vs SPY: Correlation
Measured on weekly returns over the past three years, Industrial Logistics Properties Trust (ILPT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.27, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ILPT and SPY?
On 3 years of weekly data the ILPT/SPY correlation comes out at 0.27, weak. The relationship has been stable: the 1-year correlation (0.28) sits close to the 3-year figure. The 5-year figure is 0.32, and annualized covariance runs at 230.5 %².
SPY is close to the least connected end of ILPT's tracked universe, ranking #9 of 13. Correlation aside, the last 12 months split them widely, with ILPT ahead by 22.8 points (+43.4% versus +20.6%). Risk is not evenly split, since ILPT carries 4.1 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.
ILPT vs SPY: side by side
| ILPT (Industrial Logistics Properties Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +43.4% | +20.6% |
| 5-year return | -65.6% | +82.4% |
| Volatility (ann.) | 59.0% | 14.5% |
| Beta vs S&P 500 | 1.10 | 1.00 |
| Max drawdown (3Y) | -51.1% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.97% | 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 | ILPT | SPY |
|---|---|---|
| 2022 | -86.5% | -18.2% |
| 2023 | +45.8% | +26.2% |
| 2024 | -21.6% | +24.9% |
| 2025 | +55.5% | +17.7% |
| 2026 | +54.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ILPT and SPY good diversifiers for each other?
Reasonably. At 0.27, ILPT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ILPT and SPY?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.28 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for ILPT?
Reasonably. At 0.27, ILPT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ILPT correlations · SPY correlations
