ING vs SPY: Correlation
Measured on weekly returns over the past three years, ING Group, N.V. (ING) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ING and SPY?
Over the past 3 years, ING and SPY moved with a correlation of 0.49, which is moderate. The past 12 months show a tighter link (0.67) than the 3-year average (0.49). Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 195.9 %².
Among the 16 assets we track against ING, SPY ranks #10 by 3-year correlation. The last year tells two different stories: ING led by 31.9 percentage points, +52.5% for ING against +20.6% for SPY. One caveat on sizing: ING is 1.9 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.
ING vs SPY: side by side
| ING (ING Group, N.V.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +52.5% | +20.6% |
| 5-year return | +269.9% | +82.4% |
| Volatility (ann.) | 27.5% | 14.5% |
| Beta vs S&P 500 | 0.94 | 1.00 |
| Max drawdown (3Y) | -19.9% | -18.8% |
| Market cap | $100.1B | – |
| P/E (trailing) | 13.2 | – |
| Dividend yield | 3.19% | 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 | ING | SPY |
|---|---|---|
| 2022 | -4.2% | -18.2% |
| 2023 | +31.9% | +26.2% |
| 2024 | +12.2% | +24.9% |
| 2025 | +88.3% | +17.7% |
| 2026 | +30.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ING and SPY good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ING and SPY?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.67 over the last year and 0.48 over 5 years.
Is SPY a good diversifier for ING?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
A reading of 0.49 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: ING correlations · SPY correlations
