IPW vs SPY: Correlation
iPower Inc. (IPW) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.11.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IPW and SPY?
Across a 3-year window, the weekly returns of IPW and SPY correlate at 0.11, weak. The relationship has been stable: the 1-year correlation (0.10) sits close to the 3-year figure. Stretching to 5 years gives 0.11, with an annualized covariance of 624.3 %².
Within IPW's tracked universe of 37 assets, SPY comes in at #16 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 119.2 points (-98.6% versus +20.6%). One caveat on sizing: IPW is 28.0 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.
IPW vs SPY: side by side
| IPW (iPower Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -98.6% | +20.6% |
| 5-year return | -99.8% | +82.4% |
| Volatility (ann.) | 405.9% | 14.5% |
| Beta vs S&P 500 | 2.99 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | IPW | SPY |
|---|---|---|
| 2022 | -83.2% | -18.2% |
| 2023 | +12.5% | +26.2% |
| 2024 | +85.1% | +24.9% |
| 2025 | -70.1% | +17.7% |
| 2026 | -96.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IPW and SPY good diversifiers for each other?
Yes. With a correlation of 0.11, IPW and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between IPW and SPY?
Using weekly returns as of 2026-08-27: 0.11 over 3 years, with 0.10 over the last year and 0.11 over 5 years.
Is SPY a good diversifier for IPW?
Yes. With a correlation of 0.11, IPW and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.11 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: IPW correlations · SPY correlations
