JPM vs SPY: Correlation
JPMorgan Chase (JPM) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.63.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JPM and SPY?
On 3 years of weekly data the JPM/SPY correlation comes out at 0.63, strong. The past 12 months show a weaker link (0.37) than the 3-year average (0.63). The 5-year figure is 0.65, and annualized covariance runs at 211.5 %².
By 3-year correlation, SPY places #18 of the 36 assets tracked against JPM. Neither side won the trailing year by much: +20.6% against +20.6%. Across three years, the rolling one-year figure varied moderately, from 0.35 to 0.83. One caveat on sizing: JPM is 1.6 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.
JPM vs SPY: side by side
| JPM (JPMorgan Chase) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.6% | +20.6% |
| 5-year return | +150.2% | +82.4% |
| Volatility (ann.) | 23.2% | 14.5% |
| Beta vs S&P 500 | 1.01 | 1.00 |
| Max drawdown (3Y) | -24.4% | -18.8% |
| Market cap | $941.6B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 1.68% | 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 | JPM | SPY |
|---|---|---|
| 2022 | -12.6% | -18.2% |
| 2023 | +30.6% | +26.2% |
| 2024 | +44.3% | +24.9% |
| 2025 | +37.3% | +17.7% |
| 2026 | +11.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 1.44% of SPY is JPM itself, so the fund partly moves with the stock by construction.
Are JPM and SPY good diversifiers for each other?
Only partially. A correlation of 0.63 means JPM and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between JPM and SPY?
As of 2026-08-27, the correlation of weekly returns between JPM and SPY is 0.63 over 3 years, 0.37 over 1 year and 0.65 over 5 years.
Is SPY a good diversifier for JPM?
Only partially. A correlation of 0.63 means JPM and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
On the −1 to +1 scale, 0.63 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: JPM correlations · SPY correlations
