JBI vs SPY: Correlation
How closely do Janus International Group, Inc. (JBI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBI and SPY?
Across a 3-year window, the weekly returns of JBI and SPY correlate at 0.32, moderate. Recent behaviour matches the longer record: 0.40 over 1 year against 0.32 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 212.0 %².
SPY is close to the least connected end of JBI's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with SPY ahead by 73.2 points (-52.6% versus +20.6%). Note the risk asymmetry: JBI runs 3.2 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.
JBI vs SPY: side by side
| JBI (Janus International Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -52.6% | +20.6% |
| 5-year return | -66.6% | +82.4% |
| Volatility (ann.) | 46.0% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -69.3% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 21.5 | – |
| 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 | JBI | SPY |
|---|---|---|
| 2022 | -24.0% | -18.2% |
| 2023 | +37.1% | +26.2% |
| 2024 | -43.7% | +24.9% |
| 2025 | -11.0% | +17.7% |
| 2026 | -24.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBI and SPY good diversifiers for each other?
Reasonably. At 0.32, JBI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between JBI and SPY?
The JBI/SPY correlation stands at 0.32 on a 3-year window (1 year: 0.40, 5 years: 0.39), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for JBI?
Reasonably. At 0.32, JBI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: JBI correlations · SPY correlations
