LCII vs SPY: Correlation
Measured on weekly returns over the past three years, LCI Industries (LCII) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LCII and SPY?
Across a 3-year window, the weekly returns of LCII and SPY correlate at 0.40, moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.40). Stretching to 5 years gives 0.52, with an annualized covariance of 198.4 %².
Out of 11 assets tracked against LCII, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 20.9 points (-0.3% versus +20.6%). Note the risk asymmetry: LCII runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
LCII vs SPY: side by side
| LCII (LCI Industries) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.3% | +20.6% |
| 5-year return | -12.8% | +82.4% |
| Volatility (ann.) | 34.4% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -41.8% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 11.9 | – |
| Dividend yield | 4.47% | 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 | LCII | SPY |
|---|---|---|
| 2022 | -38.5% | -18.2% |
| 2023 | +41.1% | +26.2% |
| 2024 | -14.6% | +24.9% |
| 2025 | +22.8% | +17.7% |
| 2026 | -13.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LCII and SPY good diversifiers for each other?
Reasonably. At 0.40, LCII and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LCII and SPY?
As of 2026-08-27, the correlation of weekly returns between LCII and SPY is 0.40 over 3 years, 0.20 over 1 year and 0.52 over 5 years.
Is SPY a good diversifier for LCII?
Reasonably. At 0.40, LCII and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 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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Related comparisons
Hubs: LCII correlations · SPY correlations
