LE vs SPY: Correlation
Measured on weekly returns over the past three years, Lands' End, Inc. (LE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LE and SPY?
Across a 3-year window, the weekly returns of LE and SPY correlate at 0.29, weak. Little has changed lately, as the 1-year reading of 0.28 lands near the 3-year figure. Stretching to 5 years gives 0.38, with an annualized covariance of 239.8 %².
Out of 11 assets tracked against LE, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 39.7 points (-19.1% versus +20.6%). One caveat on sizing: LE 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.
LE vs SPY: side by side
| LE (Lands' End, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -19.1% | +20.6% |
| 5-year return | -66.7% | +82.4% |
| Volatility (ann.) | 56.5% | 14.5% |
| Beta vs S&P 500 | 1.15 | 1.00 |
| Max drawdown (3Y) | -61.1% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 1.1 | – |
| 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 | LE | SPY |
|---|---|---|
| 2022 | -61.3% | -18.2% |
| 2023 | +26.0% | +26.2% |
| 2024 | +37.4% | +24.9% |
| 2025 | +10.5% | +17.7% |
| 2026 | -18.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LE and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LE and SPY?
As of 2026-08-27, the correlation of weekly returns between LE and SPY is 0.29 over 3 years, 0.28 over 1 year and 0.38 over 5 years.
Is SPY a good diversifier for LE?
Yes, to a useful degree: a correlation of 0.29 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.29 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: LE correlations · SPY correlations
