JL vs SPY: Correlation
Measured on weekly returns over the past three years, J-Long Group Limited - Class A (JL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JL and SPY?
On 3 years of weekly data the JL/SPY correlation comes out at -0.03, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.07) sits close to the 3-year figure. The 5-year figure is n/a, and annualized covariance runs at -213.4 %².
By 3-year correlation, SPY places #20 of the 58 assets tracked against JL. The last year tells two different stories: SPY led by 37.0 percentage points, -16.4% for JL against +20.6% for SPY. One caveat on sizing: JL is 40.0 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.
JL vs SPY: side by side
| JL (J-Long Group Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -16.4% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 580.0% | 14.5% |
| Beta vs S&P 500 | -1.02 | 1.00 |
| Max drawdown (3Y) | -98.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 6.5 | – |
| 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 | JL | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | +67.1% | +17.7% |
| 2026 | -20.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JL and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.03 means the two rarely move for the same reasons.
FAQ
What is the correlation between JL and SPY?
The JL/SPY correlation stands at -0.03 on a 3-year window (1 year: 0.07, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for JL?
By historical standards, yes. A correlation of -0.03 means the two rarely move for the same reasons.
What does a correlation of -0.03 mean?
On the −1 to +1 scale, -0.03 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: JL correlations · SPY correlations
