L vs SPY: Correlation
How closely do Loews Corporation (L) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are L and SPY?
Over the past 3 years, L and SPY moved with a correlation of 0.29, which is weak. The link has loosened recently: the 1-year correlation (-0.03) runs below the 3-year figure (0.29). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 68.7 %².
Among the 54 assets we track against L, SPY ranks #43 by 3-year correlation. The trailing year gives SPY the advantage: +14.2% versus +20.6%, a 6.4-point spread. The relationship is regime-dependent: the rolling one-year correlation swung between -0.05 and 0.57 over the past three years, so this pair behaves very differently depending on the market environment.
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.
L vs SPY: side by side
| L (Loews Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.2% | +20.6% |
| 5-year return | +100.1% | +82.4% |
| Volatility (ann.) | 16.6% | 14.5% |
| Beta vs S&P 500 | 0.33 | 1.00 |
| Max drawdown (3Y) | -12.2% | -18.8% |
| Market cap | $22.5B | – |
| P/E (trailing) | 13.5 | – |
| Dividend yield | 0.23% | 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 | L | SPY |
|---|---|---|
| 2022 | +1.4% | -18.2% |
| 2023 | +19.8% | +26.2% |
| 2024 | +22.1% | +24.9% |
| 2025 | +24.7% | +17.7% |
| 2026 | +4.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are L and SPY good diversifiers for each other?
Reasonably. At 0.29, L and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between L and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with -0.03 over the last year and 0.45 over 5 years.
Is SPY a good diversifier for L?
Reasonably. At 0.29, L and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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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Hubs: L correlations · SPY correlations
