LASR vs SPY: Correlation
nLIGHT, Inc. (LASR) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LASR and SPY?
Over the past 3 years, LASR and SPY moved with a correlation of 0.37, which is moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.37). Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 301.5 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against LASR. The last year tells two different stories: LASR led by 35.8 percentage points, +56.4% for LASR against +20.6% for SPY. One caveat on sizing: LASR is 3.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
LASR vs SPY: side by side
| LASR (nLIGHT, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +56.4% | +20.6% |
| 5-year return | +61.0% | +82.4% |
| Volatility (ann.) | 56.6% | 14.5% |
| Beta vs S&P 500 | 1.44 | 1.00 |
| Max drawdown (3Y) | -56.1% | -18.8% |
| Market cap | $2.6B | – |
| 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 | LASR | SPY |
|---|---|---|
| 2022 | -57.7% | -18.2% |
| 2023 | +33.1% | +26.2% |
| 2024 | -22.3% | +24.9% |
| 2025 | +257.6% | +17.7% |
| 2026 | +19.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LASR and SPY good diversifiers for each other?
Reasonably. At 0.37, LASR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LASR and SPY?
As of 2026-08-27, the correlation of weekly returns between LASR and SPY is 0.37 over 3 years, 0.25 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for LASR?
Reasonably. At 0.37, LASR and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
On the −1 to +1 scale, 0.37 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: LASR correlations · SPY correlations
