LBTYK vs SPY: Correlation
Measured on weekly returns over the past three years, Liberty Global Ltd. - Class C (LBTYK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LBTYK and SPY?
Over the past 3 years, LBTYK and SPY moved with a correlation of 0.22, 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 94.4 %².
SPY is close to the least connected end of LBTYK's tracked universe, ranking #6 of 10. The last year tells two different stories: SPY led by 35.0 percentage points, -14.4% for LBTYK against +20.6% for SPY. Risk is not evenly split, since LBTYK carries 2.0 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.
LBTYK vs SPY: side by side
| LBTYK (Liberty Global Ltd. - Class C) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.4% | +20.6% |
| 5-year return | -31.3% | +82.4% |
| Volatility (ann.) | 29.7% | 14.5% |
| Beta vs S&P 500 | 0.45 | 1.00 |
| Max drawdown (3Y) | -36.4% | -18.8% |
| Market cap | $3.5B | – |
| 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 | LBTYK | SPY |
|---|---|---|
| 2022 | -30.8% | -18.2% |
| 2023 | -4.1% | +26.2% |
| 2024 | +34.6% | +24.9% |
| 2025 | -16.0% | +17.7% |
| 2026 | -6.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LBTYK and SPY good diversifiers for each other?
Reasonably. At 0.22, LBTYK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LBTYK and SPY?
The LBTYK/SPY correlation stands at 0.22 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 LBTYK?
Reasonably. At 0.22, LBTYK and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Hubs: LBTYK correlations · SPY correlations
