LBRT vs SPY: Correlation
How closely do Liberty Energy Inc. (LBRT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.24, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LBRT and SPY?
Across a 3-year window, the weekly returns of LBRT and SPY correlate at 0.24, weak. The relationship has been stable: the 1-year correlation (0.15) sits close to the 3-year figure. Stretching to 5 years gives 0.26, with an annualized covariance of 190.8 %².
Out of 14 assets tracked against LBRT, SPY lands near the bottom at #10. Correlation aside, the last 12 months split them widely, with LBRT ahead by 53.3 points (+73.9% versus +20.6%). One caveat on sizing: LBRT 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.
LBRT vs SPY: side by side
| LBRT (Liberty Energy Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +73.9% | +20.6% |
| 5-year return | +101.9% | +82.4% |
| Volatility (ann.) | 55.9% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -58.8% | -18.8% |
| Market cap | $3.1B | – |
| P/E (trailing) | 25.0 | – |
| Dividend yield | 1.89% | 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 | LBRT | SPY |
|---|---|---|
| 2022 | +65.6% | -18.2% |
| 2023 | +14.8% | +26.2% |
| 2024 | +11.2% | +24.9% |
| 2025 | -4.9% | +17.7% |
| 2026 | +5.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LBRT and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LBRT and SPY?
As of 2026-08-27, the correlation of weekly returns between LBRT and SPY is 0.24 over 3 years, 0.15 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for LBRT?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
A reading of 0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: LBRT correlations · SPY correlations
