LBTYB vs SPY: Correlation
Measured on weekly returns over the past three years, Liberty Global Ltd. - Class B (LBTYB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LBTYB and SPY?
Across a 3-year window, the weekly returns of LBTYB and SPY correlate at 0.08, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.03) sits close to the 3-year figure. Stretching to 5 years gives 0.10, with an annualized covariance of 66.6 %².
By 3-year correlation, SPY places #6 of the 22 assets tracked against LBTYB. The trailing year gives SPY the advantage: +10.5% versus +20.6%, a 10.1-point spread. One caveat on sizing: LBTYB is 4.0 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.
LBTYB vs SPY: side by side
| LBTYB (Liberty Global Ltd. - Class B) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.5% | +20.6% |
| 5-year return | -55.0% | +82.4% |
| Volatility (ann.) | 57.5% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -58.2% | -18.8% |
| Market cap | $4.4B | – |
| 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 | LBTYB | SPY |
|---|---|---|
| 2022 | -32.5% | -18.2% |
| 2023 | -6.3% | +26.2% |
| 2024 | -27.3% | +24.9% |
| 2025 | -8.7% | +17.7% |
| 2026 | +9.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LBTYB and SPY good diversifiers for each other?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LBTYB and SPY?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with 0.03 over the last year and 0.10 over 5 years.
Is SPY a good diversifier for LBTYB?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.08 mean?
On the −1 to +1 scale, 0.08 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: LBTYB correlations · SPY correlations
