LAND vs SPY: Correlation
Measured on weekly returns over the past three years, Gl (LAND) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.28, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LAND and SPY?
Over the past 3 years, LAND and SPY moved with a correlation of 0.28, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.28 over 3 years. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 107.9 %².
Among the 13 assets we track against LAND, SPY ranks #8 by 3-year correlation. The last year tells two different stories: SPY led by 17.5 percentage points, +3.1% for LAND against +20.6% for SPY. Risk is not evenly split, since LAND carries 1.8 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.
LAND vs SPY: side by side
| LAND (Gl) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.1% | +20.6% |
| 5-year return | -53.7% | +82.4% |
| Volatility (ann.) | 26.6% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -41.6% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.31% | 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 | LAND | SPY |
|---|---|---|
| 2022 | -44.4% | -18.2% |
| 2023 | -18.5% | +26.2% |
| 2024 | -21.6% | +24.9% |
| 2025 | -10.7% | +17.7% |
| 2026 | +0.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LAND and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LAND and SPY?
The LAND/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.18, 5 years: 0.47), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LAND?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/land-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/land-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LAND correlations · SPY correlations
