JCSE vs SPY: Correlation
JE Cleantech Holdings Limited (JCSE) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.01.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JCSE and SPY?
Across a 3-year window, the weekly returns of JCSE and SPY correlate at 0.01, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.22) runs above the 3-year figure (0.01). Stretching to 5 years gives 0.03, with an annualized covariance of 19.5 %².
By 3-year correlation, SPY places #7 of the 14 assets tracked against JCSE. Correlation aside, the last 12 months split them widely, with JCSE ahead by 85.3 points (+105.9% versus +20.6%). Risk is not evenly split, since JCSE carries 8.5 times the volatility of the other side.
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.
JCSE vs SPY: side by side
| JCSE (JE Cleantech Holdings Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +105.9% | +20.6% |
| 5-year return | -96.2% | +82.4% |
| Volatility (ann.) | 123.3% | 14.5% |
| Beta vs S&P 500 | 0.09 | 1.00 |
| Max drawdown (3Y) | -64.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 3.1 | – |
| Dividend yield | 36.52% | 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 | JCSE | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -66.0% | +26.2% |
| 2024 | +92.4% | +24.9% |
| 2025 | -23.1% | +17.7% |
| 2026 | +94.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JCSE and SPY good diversifiers for each other?
Yes. With a correlation of 0.01, JCSE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between JCSE and SPY?
The JCSE/SPY correlation stands at 0.01 on a 3-year window (1 year: 0.22, 5 years: 0.03), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for JCSE?
Yes. With a correlation of 0.01, JCSE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.01 mean?
A reading of 0.01 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: JCSE correlations · SPY correlations
