J vs SPY: Correlation
How closely do Jacobs Solutions (J) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.43, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are J and SPY?
Over the past 3 years, J and SPY moved with a correlation of 0.43, which is moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.43). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 161.2 %².
Within J's tracked universe of 34 assets, SPY comes in at #19 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 18.0 points (+2.6% versus +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between 0.18 and 0.78 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: J 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.
J vs SPY: side by side
| J (Jacobs Solutions) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +2.6% | +20.6% |
| 5-year return | +40.5% | +82.4% |
| Volatility (ann.) | 25.7% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -34.4% | -18.8% |
| Market cap | $17.6B | – |
| P/E (trailing) | 49.9 | – |
| Dividend yield | 0.90% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | J | SPY |
|---|---|---|
| 2022 | -13.1% | -18.2% |
| 2023 | +9.0% | +26.2% |
| 2024 | +24.2% | +24.9% |
| 2025 | +1.1% | +17.7% |
| 2026 | +14.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are J and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between J and SPY?
As of 2026-08-27, the correlation of weekly returns between J and SPY is 0.43 over 3 years, 0.29 over 1 year and 0.55 over 5 years.
Is SPY a good diversifier for J?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 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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