JOE vs SPY: Correlation
Measured on weekly returns over the past three years, St. Joe Company (The) (JOE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JOE and SPY?
Across a 3-year window, the weekly returns of JOE and SPY correlate at 0.43, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.31 versus 0.43 over 3 years. Stretching to 5 years gives 0.53, with an annualized covariance of 175.0 %².
Out of 12 assets tracked against JOE, SPY lands near the bottom at #8. Over the last 12 months JOE came out ahead by 14.5 percentage points (+35.1% against +20.6%). One caveat on sizing: JOE is 1.9 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.
JOE vs SPY: side by side
| JOE (St. Joe Company (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.1% | +20.6% |
| 5-year return | +53.5% | +82.4% |
| Volatility (ann.) | 28.2% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -35.4% | -18.8% |
| Market cap | $3.9B | – |
| P/E (trailing) | 32.5 | – |
| Dividend yield | 0.90% | 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 | JOE | SPY |
|---|---|---|
| 2022 | -25.1% | -18.2% |
| 2023 | +57.1% | +26.2% |
| 2024 | -24.6% | +24.9% |
| 2025 | +33.7% | +17.7% |
| 2026 | +15.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JOE and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between JOE and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.31 over the last year and 0.53 over 5 years.
Is SPY a good diversifier for JOE?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/joe-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/joe-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: JOE correlations · SPY correlations
