JXN vs SPY: Correlation
Measured on weekly returns over the past three years, Jackson Financial Inc. (JXN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are JXN and SPY?
Over the past 3 years, JXN and SPY moved with a correlation of 0.55, which is moderate. The past 12 months show a weaker link (0.39) than the 3-year average (0.55). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 276.5 %².
Within JXN's tracked universe of 15 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with JXN ahead by 20.4 points (+41.0% versus +20.6%). Risk is not evenly split, since JXN carries 2.4 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.
JXN vs SPY: side by side
| JXN (Jackson Financial Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +41.0% | +20.6% |
| 5-year return | +434.8% | +82.4% |
| Volatility (ann.) | 34.5% | 14.5% |
| Beta vs S&P 500 | 1.32 | 1.00 |
| Max drawdown (3Y) | -37.1% | -18.8% |
| Market cap | $9.0B | – |
| P/E (trailing) | 146.7 | – |
| Dividend yield | 2.54% | 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 | JXN | SPY |
|---|---|---|
| 2022 | -11.5% | -18.2% |
| 2023 | +57.2% | +26.2% |
| 2024 | +76.5% | +24.9% |
| 2025 | +26.9% | +17.7% |
| 2026 | +27.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are JXN and SPY good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between JXN and SPY?
Using weekly returns as of 2026-08-27: 0.55 over 3 years, with 0.39 over the last year and 0.55 over 5 years.
Is SPY a good diversifier for JXN?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
A reading of 0.55 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: JXN correlations · SPY correlations
