LAB vs SPY: Correlation
How closely do Standard BioTools Inc. (LAB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LAB and SPY?
Across a 3-year window, the weekly returns of LAB and SPY correlate at 0.32, moderate. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. Stretching to 5 years gives 0.35, with an annualized covariance of 323.0 %².
SPY is close to the least connected end of LAB's tracked universe, ranking #7 of 11. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 69.6 percentage points (-49.0% for LAB against +20.6% for SPY). Risk is not evenly split, since LAB carries 4.8 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.
LAB vs SPY: side by side
| LAB (Standard BioTools Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -49.0% | +20.6% |
| 5-year return | -90.9% | +82.4% |
| Volatility (ann.) | 69.2% | 14.5% |
| Beta vs S&P 500 | 1.55 | 1.00 |
| Max drawdown (3Y) | -78.7% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | LAB | SPY |
|---|---|---|
| 2022 | -70.2% | -18.2% |
| 2023 | +88.9% | +26.2% |
| 2024 | -20.8% | +24.9% |
| 2025 | -26.9% | +17.7% |
| 2026 | -49.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LAB and SPY good diversifiers for each other?
Reasonably. At 0.32, LAB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LAB and SPY?
The LAB/SPY correlation stands at 0.32 on a 3-year window (1 year: 0.33, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LAB?
Reasonably. At 0.32, LAB and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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: LAB correlations · SPY correlations
