INGR vs SPY: Correlation
Measured on weekly returns over the past three years, Ingredion Incorporated (INGR) 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 INGR and SPY?
Over the past 3 years, INGR and SPY moved with a correlation of 0.27, which is weak. The relationship has been stable: the 1-year correlation (0.18) sits close to the 3-year figure. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 71.0 %².
Among the 12 assets we track against INGR, SPY sits near the bottom by co-movement, at rank #8. The last year tells two different stories: SPY led by 38.1 percentage points, -17.5% for INGR against +20.6% for SPY.
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.
INGR vs SPY: side by side
| INGR (Ingredion Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -17.5% | +20.6% |
| 5-year return | +35.7% | +82.4% |
| Volatility (ann.) | 18.5% | 14.5% |
| Beta vs S&P 500 | 0.34 | 1.00 |
| Max drawdown (3Y) | -36.4% | -18.8% |
| Market cap | $6.5B | – |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 3.13% | 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 | INGR | SPY |
|---|---|---|
| 2022 | +4.5% | -18.2% |
| 2023 | +14.1% | +26.2% |
| 2024 | +29.2% | +24.9% |
| 2025 | -17.9% | +17.7% |
| 2026 | -3.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INGR and SPY good diversifiers for each other?
Reasonably. At 0.27, INGR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between INGR and SPY?
The INGR/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.18, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for INGR?
Reasonably. At 0.27, INGR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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/ingr-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ingr-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: INGR correlations · SPY correlations
