INDI vs SPY: Correlation
indie Semiconductor, Inc. (INDI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INDI and SPY?
On 3 years of weekly data the INDI/SPY correlation comes out at 0.51, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 640.6 %².
By 3-year correlation, SPY places #7 of the 13 assets tracked against INDI. Correlation aside, the last 12 months split them widely, with SPY ahead by 33.5 points (-12.9% versus +20.6%). Note the risk asymmetry: INDI runs 6.0 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.
INDI vs SPY: side by side
| INDI (indie Semiconductor, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -12.9% | +20.6% |
| 5-year return | -59.1% | +82.4% |
| Volatility (ann.) | 86.4% | 14.5% |
| Beta vs S&P 500 | 3.07 | 1.00 |
| Max drawdown (3Y) | -81.3% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | INDI | SPY |
|---|---|---|
| 2022 | -51.4% | -18.2% |
| 2023 | +39.1% | +26.2% |
| 2024 | -50.1% | +24.9% |
| 2025 | -12.8% | +17.7% |
| 2026 | +14.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INDI and SPY good diversifiers for each other?
Only partially. A correlation of 0.51 means INDI and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between INDI and SPY?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.43 over the last year and 0.48 over 5 years.
Is SPY a good diversifier for INDI?
Only partially. A correlation of 0.51 means INDI and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.51 mean?
A reading of 0.51 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: INDI correlations · SPY correlations
