JACK vs SPY: Correlation
How closely do Jack In The Box Inc. (JACK) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JACK and SPY?
Across a 3-year window, the weekly returns of JACK and SPY correlate at 0.33, moderate. The link has tightened recently: the 1-year correlation (0.44) runs above the 3-year figure (0.33). Stretching to 5 years gives 0.35, with an annualized covariance of 274.3 %².
Within JACK's tracked universe of 13 assets, SPY comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 33.6 percentage points (-13.0% for JACK against +20.6% for SPY). Note the risk asymmetry: JACK runs 4.0 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.
JACK vs SPY: side by side
| JACK (Jack In The Box Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -13.0% | +20.6% |
| 5-year return | -83.5% | +82.4% |
| Volatility (ann.) | 58.3% | 14.5% |
| Beta vs S&P 500 | 1.31 | 1.00 |
| Max drawdown (3Y) | -88.4% | -18.8% |
| Market cap | $0.3B | – |
| 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 | JACK | SPY |
|---|---|---|
| 2022 | -20.2% | -18.2% |
| 2023 | +22.2% | +26.2% |
| 2024 | -47.3% | +24.9% |
| 2025 | -53.8% | +17.7% |
| 2026 | -16.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JACK and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between JACK and SPY?
As of 2026-08-27, the correlation of weekly returns between JACK and SPY is 0.33 over 3 years, 0.44 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for JACK?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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: JACK correlations · SPY correlations
