JBGS vs SPY: Correlation
Measured on weekly returns over the past three years, JBG SMITH Properties (JBGS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBGS and SPY?
Across a 3-year window, the weekly returns of JBGS and SPY correlate at 0.29, weak. The past 12 months show a weaker link (0.08) than the 3-year average (0.29). Stretching to 5 years gives 0.38, with an annualized covariance of 141.2 %².
Out of 10 assets tracked against JBGS, SPY lands near the bottom at #6. The last year tells two different stories: SPY led by 61.0 percentage points, -40.4% for JBGS against +20.6% for SPY. One caveat on sizing: JBGS is 2.3 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.
JBGS vs SPY: side by side
| JBGS (JBG SMITH Properties) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -40.4% | +20.6% |
| 5-year return | -49.3% | +82.4% |
| Volatility (ann.) | 33.7% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -52.2% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.67% | 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 | JBGS | SPY |
|---|---|---|
| 2022 | -31.0% | -18.2% |
| 2023 | -6.1% | +26.2% |
| 2024 | -4.5% | +24.9% |
| 2025 | +15.2% | +17.7% |
| 2026 | -26.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBGS and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between JBGS and SPY?
The JBGS/SPY correlation stands at 0.29 on a 3-year window (1 year: 0.08, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for JBGS?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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: JBGS correlations · SPY correlations
