JBL vs SPY: Correlation
Jabil (JBL) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JBL and SPY?
Over the past 3 years, JBL and SPY moved with a correlation of 0.52, which is moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.52 over 3. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 307.9 %².
Among the 34 assets we track against JBL, SPY ranks #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months JBL outperformed by 29.8 percentage points (+50.4% for JBL against +20.6% for SPY). The rolling one-year correlation moved between 0.36 and 0.78 over the past three years, a moderate range. One caveat on sizing: JBL is 2.8 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.
JBL vs SPY: side by side
| JBL (Jabil) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +50.4% | +20.6% |
| 5-year return | +405.5% | +82.4% |
| Volatility (ann.) | 40.6% | 14.5% |
| Beta vs S&P 500 | 1.47 | 1.00 |
| Max drawdown (3Y) | -36.8% | -18.8% |
| Market cap | $32.7B | – |
| P/E (trailing) | 38.9 | – |
| Dividend yield | 0.10% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | JBL | SPY |
|---|---|---|
| 2022 | -2.5% | -18.2% |
| 2023 | +87.4% | +26.2% |
| 2024 | +13.3% | +24.9% |
| 2025 | +58.7% | +17.7% |
| 2026 | +37.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JBL and SPY good diversifiers for each other?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between JBL and SPY?
As of 2026-08-27, the correlation of weekly returns between JBL and SPY is 0.52 over 3 years, 0.46 over 1 year and 0.56 over 5 years.
Is SPY a good diversifier for JBL?
To a limited degree. At 0.52 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.52 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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Hubs: JBL correlations · SPY correlations
