INSW vs SPY: Correlation
International Seaways, Inc. (INSW) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are INSW and SPY?
Across a 3-year window, the weekly returns of INSW and SPY correlate at 0.19, weak. Recent behaviour matches the longer record: 0.17 over 1 year against 0.19 over 3. Stretching to 5 years gives 0.17, with an annualized covariance of 103.7 %².
Out of 21 assets tracked against INSW, SPY lands near the bottom at #17. The last year tells two different stories: INSW led by 129.7 percentage points, +150.3% for INSW against +20.6% for SPY. One caveat on sizing: INSW is 2.5 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.
INSW vs SPY: side by side
| INSW (International Seaways, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +150.3% | +20.6% |
| 5-year return | +861.9% | +82.4% |
| Volatility (ann.) | 36.8% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -50.4% | -18.8% |
| Market cap | $4.9B | – |
| P/E (trailing) | 6.0 | – |
| Dividend yield | 0.51% | 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 | INSW | SPY |
|---|---|---|
| 2022 | +162.5% | -18.2% |
| 2023 | +42.9% | +26.2% |
| 2024 | -10.9% | +24.9% |
| 2025 | +45.0% | +17.7% |
| 2026 | +123.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are INSW and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between INSW and SPY?
As of 2026-08-27, the correlation of weekly returns between INSW and SPY is 0.19 over 3 years, 0.17 over 1 year and 0.17 over 5 years.
Is SPY a good diversifier for INSW?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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: INSW correlations · SPY correlations
