IOSP vs SPY: Correlation
Measured on weekly returns over the past three years, Innospec Inc. (IOSP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IOSP and SPY?
Across a 3-year window, the weekly returns of IOSP and SPY correlate at 0.51, moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.51). Stretching to 5 years gives 0.49, with an annualized covariance of 196.8 %².
Among the 35 assets we track against IOSP, SPY ranks #23 by 3-year correlation. Over the last 12 months SPY came out ahead by 9.3 percentage points (+11.3% against +20.6%). Note the risk asymmetry: IOSP runs 1.8 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.
IOSP vs SPY: side by side
| IOSP (Innospec Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.3% | +20.6% |
| 5-year return | +10.2% | +82.4% |
| Volatility (ann.) | 26.6% | 14.5% |
| Beta vs S&P 500 | 0.94 | 1.00 |
| Max drawdown (3Y) | -48.4% | -18.8% |
| Market cap | $2.3B | – |
| P/E (trailing) | 19.5 | – |
| Dividend yield | 1.87% | 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 | IOSP | SPY |
|---|---|---|
| 2022 | +15.2% | -18.2% |
| 2023 | +21.5% | +26.2% |
| 2024 | -9.6% | +24.9% |
| 2025 | -28.9% | +17.7% |
| 2026 | +26.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IOSP and SPY good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IOSP and SPY?
The IOSP/SPY correlation stands at 0.51 on a 3-year window (1 year: 0.29, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for IOSP?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
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: IOSP correlations · SPY correlations
