LAW vs SPY: Correlation
CS Disco, Inc. (LAW) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LAW and SPY?
Across a 3-year window, the weekly returns of LAW and SPY correlate at 0.22, weak. Little has changed lately, as the 1-year reading of 0.18 lands near the 3-year figure. Stretching to 5 years gives 0.34, with an annualized covariance of 200.1 %².
Out of 19 assets tracked against LAW, SPY lands near the bottom at #15. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 35.0 percentage points (-14.4% for LAW against +20.6% for SPY). Risk is not evenly split, since LAW carries 4.3 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.
LAW vs SPY: side by side
| LAW (CS Disco, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.4% | +20.6% |
| 5-year return | -91.3% | +82.4% |
| Volatility (ann.) | 62.8% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -71.7% | -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 | LAW | SPY |
|---|---|---|
| 2022 | -82.3% | -18.2% |
| 2023 | +20.1% | +26.2% |
| 2024 | -34.3% | +24.9% |
| 2025 | +55.5% | +17.7% |
| 2026 | -43.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LAW and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LAW and SPY?
As of 2026-08-27, the correlation of weekly returns between LAW and SPY is 0.22 over 3 years, 0.18 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for LAW?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 mean?
On the −1 to +1 scale, 0.22 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: LAW correlations · SPY correlations
