JELD vs SPY: Correlation
How closely do JELD-WEN Holding, Inc. (JELD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JELD and SPY?
Over the past 3 years, JELD and SPY moved with a correlation of 0.36, which is moderate. The link has tightened recently: the 1-year correlation (0.49) runs above the 3-year figure (0.36). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 420.8 %².
Within JELD's tracked universe of 16 assets, SPY comes in at #9 by 3-year correlation. The last year tells two different stories: SPY led by 84.3 percentage points, -63.7% for JELD against +20.6% for SPY. Risk is not evenly split, since JELD carries 5.6 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.
JELD vs SPY: side by side
| JELD (JELD-WEN Holding, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -63.7% | +20.6% |
| 5-year return | -92.5% | +82.4% |
| Volatility (ann.) | 80.7% | 14.5% |
| Beta vs S&P 500 | 2.01 | 1.00 |
| Max drawdown (3Y) | -95.5% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| 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 | JELD | SPY |
|---|---|---|
| 2022 | -63.4% | -18.2% |
| 2023 | +95.6% | +26.2% |
| 2024 | -56.6% | +24.9% |
| 2025 | -70.0% | +17.7% |
| 2026 | -11.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JELD and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between JELD and SPY?
As of 2026-08-27, the correlation of weekly returns between JELD and SPY is 0.36 over 3 years, 0.49 over 1 year and 0.41 over 5 years.
Is SPY a good diversifier for JELD?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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: JELD correlations · SPY correlations
