JJSF vs SPY: Correlation
Measured on weekly returns over the past three years, J & J Snack Foods Corp. (JJSF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JJSF and SPY?
Across a 3-year window, the weekly returns of JJSF and SPY correlate at 0.15, weak. Little has changed lately, as the 1-year reading of 0.09 lands near the 3-year figure. Stretching to 5 years gives 0.18, with an annualized covariance of 64.9 %².
Out of 11 assets tracked against JJSF, SPY lands near the bottom at #7. The last year tells two different stories: SPY led by 40.6 percentage points, -20.0% for JJSF against +20.6% for SPY. Note the risk asymmetry: JJSF runs 2.1 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.
JJSF vs SPY: side by side
| JJSF (J & J Snack Foods Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.0% | +20.6% |
| 5-year return | -39.4% | +82.4% |
| Volatility (ann.) | 30.3% | 14.5% |
| Beta vs S&P 500 | 0.31 | 1.00 |
| Max drawdown (3Y) | -59.2% | -18.8% |
| Market cap | $1.6B | – |
| P/E (trailing) | 34.4 | – |
| Dividend yield | 3.61% | 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 | JJSF | SPY |
|---|---|---|
| 2022 | -3.4% | -18.2% |
| 2023 | +13.7% | +26.2% |
| 2024 | -5.4% | +24.9% |
| 2025 | -40.0% | +17.7% |
| 2026 | -0.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JJSF and SPY good diversifiers for each other?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between JJSF and SPY?
As of 2026-08-27, the correlation of weekly returns between JJSF and SPY is 0.15 over 3 years, 0.09 over 1 year and 0.18 over 5 years.
Is SPY a good diversifier for JJSF?
Yes: at 0.15, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.15 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: JJSF correlations · SPY correlations
