LAZ vs SPY: Correlation
Measured on weekly returns over the past three years, Lazard, Inc. (LAZ) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LAZ and SPY?
Across a 3-year window, the weekly returns of LAZ and SPY correlate at 0.59, moderate. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. Stretching to 5 years gives 0.63, with an annualized covariance of 311.7 %².
Among the 14 assets we track against LAZ, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 42.5 points (-21.9% versus +20.6%). One caveat on sizing: LAZ is 2.5 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.
LAZ vs SPY: side by side
| LAZ (Lazard, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -21.9% | +20.6% |
| 5-year return | +14.6% | +82.4% |
| Volatility (ann.) | 36.4% | 14.5% |
| Beta vs S&P 500 | 1.49 | 1.00 |
| Max drawdown (3Y) | -44.2% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 21.1 | – |
| Dividend yield | 4.67% | 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 | LAZ | SPY |
|---|---|---|
| 2022 | -16.2% | -18.2% |
| 2023 | +6.9% | +26.2% |
| 2024 | +54.8% | +24.9% |
| 2025 | -1.6% | +17.7% |
| 2026 | -8.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LAZ and SPY good diversifiers for each other?
Only partially. A correlation of 0.59 means LAZ and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between LAZ and SPY?
The LAZ/SPY correlation stands at 0.59 on a 3-year window (1 year: 0.58, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LAZ?
Only partially. A correlation of 0.59 means LAZ and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/laz-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/laz-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LAZ correlations · SPY correlations
