IMKTA vs SPY: Correlation
Ingles Markets, Incorporated (IMKTA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.10.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IMKTA and SPY?
Over the past 3 years, IMKTA and SPY moved with a correlation of 0.10, which is weak. The link has loosened recently: the 1-year correlation (-0.13) runs below the 3-year figure (0.10). Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 36.4 %².
Among the 13 assets we track against IMKTA, SPY ranks #7 by 3-year correlation. Twelve-month performance is nearly a tie, at +22.5% for IMKTA and +20.6% for SPY. Risk is not evenly split, since IMKTA carries 1.7 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.
IMKTA vs SPY: side by side
| IMKTA (Ingles Markets, Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.5% | +20.6% |
| 5-year return | +28.3% | +82.4% |
| Volatility (ann.) | 24.9% | 14.5% |
| Beta vs S&P 500 | 0.17 | 1.00 |
| Max drawdown (3Y) | -32.0% | -18.8% |
| Market cap | $1.6B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 0.79% | 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 | IMKTA | SPY |
|---|---|---|
| 2022 | +12.6% | -18.2% |
| 2023 | -9.8% | +26.2% |
| 2024 | -24.7% | +24.9% |
| 2025 | +7.4% | +17.7% |
| 2026 | +20.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IMKTA and SPY good diversifiers for each other?
Yes. With a correlation of 0.10, IMKTA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IMKTA and SPY?
As of 2026-08-27, the correlation of weekly returns between IMKTA and SPY is 0.10 over 3 years, -0.13 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for IMKTA?
Yes. With a correlation of 0.10, IMKTA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.10 mean?
On the −1 to +1 scale, 0.10 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: IMKTA correlations · SPY correlations
