IPI vs SPY: Correlation
Intrepid Potash, Inc (IPI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IPI and SPY?
On 3 years of weekly data the IPI/SPY correlation comes out at 0.17, weak. Lately the two have drifted apart, with the 1-year correlation at -0.20 versus 0.17 over 3 years. The 5-year figure is 0.22, and annualized covariance runs at 116.9 %².
SPY is close to the least connected end of IPI's tracked universe, ranking #11 of 15. Neither side won the trailing year by much: +23.3% against +20.6%. One caveat on sizing: IPI is 3.3 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.
IPI vs SPY: side by side
| IPI (Intrepid Potash, Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.3% | +20.6% |
| 5-year return | +20.2% | +82.4% |
| Volatility (ann.) | 48.0% | 14.5% |
| Beta vs S&P 500 | 0.56 | 1.00 |
| Max drawdown (3Y) | -38.5% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 31.7 | – |
| 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 | IPI | SPY |
|---|---|---|
| 2022 | -32.4% | -18.2% |
| 2023 | -17.2% | +26.2% |
| 2024 | -8.2% | +24.9% |
| 2025 | +26.5% | +17.7% |
| 2026 | +35.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IPI and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
FAQ
What is the correlation between IPI and SPY?
Using weekly returns as of 2026-08-27: 0.17 over 3 years, with -0.20 over the last year and 0.22 over 5 years.
Is SPY a good diversifier for IPI?
By historical standards, yes. A correlation of 0.17 means the two rarely move for the same reasons.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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: IPI correlations · SPY correlations
