JRSH vs SPY: Correlation
Jerash Holdings (US), Inc. (JRSH) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JRSH and SPY?
On 3 years of weekly data the JRSH/SPY correlation comes out at 0.24, weak. The relationship has been stable: the 1-year correlation (0.24) sits close to the 3-year figure. The 5-year figure is 0.18, and annualized covariance runs at 94.7 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against JRSH. Correlation aside, the last 12 months split them widely, with JRSH ahead by 53.9 points (+74.5% versus +20.6%). Risk is not evenly split, since JRSH carries 1.9 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.
JRSH vs SPY: side by side
| JRSH (Jerash Holdings (US), Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +74.5% | +20.6% |
| 5-year return | -9.0% | +82.4% |
| Volatility (ann.) | 27.8% | 14.5% |
| Beta vs S&P 500 | 0.45 | 1.00 |
| Max drawdown (3Y) | -25.2% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 15.0 | – |
| Dividend yield | 3.55% | 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 | JRSH | SPY |
|---|---|---|
| 2022 | -37.6% | -18.2% |
| 2023 | -15.5% | +26.2% |
| 2024 | +17.2% | +24.9% |
| 2025 | -5.4% | +17.7% |
| 2026 | +89.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JRSH and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between JRSH and SPY?
As of 2026-08-27, the correlation of weekly returns between JRSH and SPY is 0.24 over 3 years, 0.24 over 1 year and 0.18 over 5 years.
Is SPY a good diversifier for JRSH?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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: JRSH correlations · SPY correlations
