JLL vs SPY: Correlation
How closely do Jones Lang LaSalle Incorporated (JLL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JLL and SPY?
Across a 3-year window, the weekly returns of JLL and SPY correlate at 0.54, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.54 over 3 years. Stretching to 5 years gives 0.60, with an annualized covariance of 270.5 %².
By 3-year correlation, SPY places #9 of the 26 assets tracked against JLL. Their 12-month results are close: +23.8% for JLL against +20.6% for SPY. Note the risk asymmetry: JLL runs 2.4 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.
JLL vs SPY: side by side
| JLL (Jones Lang LaSalle Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.8% | +20.6% |
| 5-year return | +55.9% | +82.4% |
| Volatility (ann.) | 34.9% | 14.5% |
| Beta vs S&P 500 | 1.30 | 1.00 |
| Max drawdown (3Y) | -30.6% | -18.8% |
| Market cap | $17.4B | – |
| P/E (trailing) | 18.5 | – |
| 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 | JLL | SPY |
|---|---|---|
| 2022 | -40.8% | -18.2% |
| 2023 | +18.5% | +26.2% |
| 2024 | +34.0% | +24.9% |
| 2025 | +32.9% | +17.7% |
| 2026 | +12.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JLL and SPY good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between JLL and SPY?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.35 over the last year and 0.60 over 5 years.
Is SPY a good diversifier for JLL?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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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Related comparisons
Hubs: JLL correlations · SPY correlations
