ITRI vs SPY: Correlation
Measured on weekly returns over the past three years, Itron, Inc. (ITRI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ITRI and SPY?
Over the past 3 years, ITRI and SPY moved with a correlation of 0.42, which is moderate. The past 12 months show a weaker link (0.30) than the 3-year average (0.42). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 237.5 %².
Among the 21 assets we track against ITRI, SPY ranks #13 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 40.5 points (-19.9% versus +20.6%). One caveat on sizing: ITRI is 2.7 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.
ITRI vs SPY: side by side
| ITRI (Itron, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.9% | +20.6% |
| 5-year return | +17.0% | +82.4% |
| Volatility (ann.) | 38.9% | 14.5% |
| Beta vs S&P 500 | 1.14 | 1.00 |
| Max drawdown (3Y) | -43.6% | -18.8% |
| Market cap | $4.3B | – |
| P/E (trailing) | 16.5 | – |
| 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 | ITRI | SPY |
|---|---|---|
| 2022 | -26.1% | -18.2% |
| 2023 | +49.1% | +26.2% |
| 2024 | +43.8% | +24.9% |
| 2025 | -14.5% | +17.7% |
| 2026 | +6.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ITRI and SPY good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ITRI and SPY?
The ITRI/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.30, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ITRI?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/itri-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/itri-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ITRI correlations · SPY correlations
