LBTYA vs SPY: Correlation
Liberty Global Ltd. - Class A (LBTYA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LBTYA and SPY?
Over the past 3 years, LBTYA and SPY moved with a correlation of 0.23, which is weak. The relationship has been stable: the 1-year correlation (0.29) sits close to the 3-year figure. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 103.2 %².
Among the 10 assets we track against LBTYA, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 31.2 points (-10.6% versus +20.6%). Risk is not evenly split, since LBTYA carries 2.1 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.
LBTYA vs SPY: side by side
| LBTYA (Liberty Global Ltd. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.6% | +20.6% |
| 5-year return | -28.1% | +82.4% |
| Volatility (ann.) | 30.5% | 14.5% |
| Beta vs S&P 500 | 0.49 | 1.00 |
| Max drawdown (3Y) | -35.7% | -18.8% |
| Market cap | $3.6B | – |
| 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 | LBTYA | SPY |
|---|---|---|
| 2022 | -31.8% | -18.2% |
| 2023 | -6.1% | +26.2% |
| 2024 | +39.4% | +24.9% |
| 2025 | -12.7% | +17.7% |
| 2026 | -5.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LBTYA and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LBTYA and SPY?
The LBTYA/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.29, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LBTYA?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 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: LBTYA correlations · SPY correlations
