LAES vs SPY: Correlation
SEALSQ Corp (LAES) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.09.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LAES and SPY?
Over the past 3 years, LAES and SPY moved with a correlation of 0.09, which is near zero, meaning they move largely independently. The past 12 months show a tighter link (0.42) than the 3-year average (0.09). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 327.5 %².
Among the 26 assets we track against LAES, SPY ranks #18 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 25.0 points (-4.4% versus +20.6%). Risk is not evenly split, since LAES carries 18.0 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.
LAES vs SPY: side by side
| LAES (SEALSQ Corp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -4.4% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 261.5% | 14.5% |
| Beta vs S&P 500 | 1.57 | 1.00 |
| Max drawdown (3Y) | -94.5% | -18.8% |
| Market cap | $0.6B | – |
| 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 | LAES | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +380.5% | +24.9% |
| 2025 | -38.5% | +17.7% |
| 2026 | -31.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LAES and SPY good diversifiers for each other?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LAES and SPY?
As of 2026-08-27, the correlation of weekly returns between LAES and SPY is 0.09 over 3 years, 0.42 over 1 year and n/a over 5 years.
Is SPY a good diversifier for LAES?
Yes: at 0.09, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.09 mean?
On the −1 to +1 scale, 0.09 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: LAES correlations · SPY correlations
