JCI vs SPY: Correlation
How closely do Johnson Controls (JCI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JCI and SPY?
Over the past 3 years, JCI and SPY moved with a correlation of 0.51, which is moderate. The link has loosened recently: the 1-year correlation (0.17) runs below the 3-year figure (0.51). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 205.5 %².
By 3-year correlation, SPY places #18 of the 32 assets tracked against JCI. The trailing year gives JCI the advantage: +30.9% versus +20.6%, a 10.3-point spread. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.12 to 0.78. One caveat on sizing: JCI is 1.9 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.
JCI vs SPY: side by side
| JCI (Johnson Controls) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.9% | +20.6% |
| 5-year return | +108.2% | +82.4% |
| Volatility (ann.) | 28.1% | 14.5% |
| Beta vs S&P 500 | 0.98 | 1.00 |
| Max drawdown (3Y) | -21.1% | -18.8% |
| Market cap | $86.1B | – |
| P/E (trailing) | 40.1 | – |
| Dividend yield | 1.11% | 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 | JCI | SPY |
|---|---|---|
| 2022 | -19.3% | -18.2% |
| 2023 | -7.6% | +26.2% |
| 2024 | +39.8% | +24.9% |
| 2025 | +53.0% | +17.7% |
| 2026 | +19.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds JCI at a 0.13% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are JCI and SPY good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between JCI and SPY?
As of 2026-08-27, the correlation of weekly returns between JCI and SPY is 0.51 over 3 years, 0.17 over 1 year and 0.58 over 5 years.
Is SPY a good diversifier for JCI?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 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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Related comparisons
Hubs: JCI correlations · SPY correlations
