JKHY vs SPY: Correlation
Measured on weekly returns over the past three years, Jack Henry & Associates (JKHY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JKHY and SPY?
Over the past 3 years, JKHY and SPY moved with a correlation of 0.13, which is weak. The past 12 months show a weaker link (0.02) than the 3-year average (0.13). Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 43.3 %².
Among the 33 assets we track against JKHY, SPY ranks #20 by 3-year correlation. Over the last 12 months SPY came out ahead by 14.8 percentage points (+5.8% against +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.03 to 0.59. Risk is not evenly split, since JKHY carries 1.6 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.
JKHY vs SPY: side by side
| JKHY (Jack Henry & Associates) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.8% | +20.6% |
| 5-year return | +2.6% | +82.4% |
| Volatility (ann.) | 23.0% | 14.5% |
| Beta vs S&P 500 | 0.21 | 1.00 |
| Max drawdown (3Y) | -35.4% | -18.8% |
| Market cap | $12.1B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 1.38% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | JKHY | SPY |
|---|---|---|
| 2022 | +6.2% | -18.2% |
| 2023 | -5.7% | +26.2% |
| 2024 | +8.7% | +24.9% |
| 2025 | +5.5% | +17.7% |
| 2026 | -6.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JKHY and SPY good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between JKHY and SPY?
As of 2026-08-27, the correlation of weekly returns between JKHY and SPY is 0.13 over 3 years, 0.02 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for JKHY?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 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: JKHY correlations · SPY correlations
