LEGH vs SPY: Correlation
Measured on weekly returns over the past three years, Legacy Housing Corporation (LEGH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.35, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEGH and SPY?
Over the past 3 years, LEGH and SPY moved with a correlation of 0.35, which is moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 176.1 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against LEGH. The last year tells two different stories: SPY led by 19.0 percentage points, +1.6% for LEGH against +20.6% for SPY. Note the risk asymmetry: LEGH 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.
LEGH vs SPY: side by side
| LEGH (Legacy Housing Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.6% | +20.6% |
| 5-year return | +49.1% | +82.4% |
| Volatility (ann.) | 34.8% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -34.9% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 13.2 | – |
| 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 | LEGH | SPY |
|---|---|---|
| 2022 | -28.4% | -18.2% |
| 2023 | +33.0% | +26.2% |
| 2024 | -2.1% | +24.9% |
| 2025 | -20.9% | +17.7% |
| 2026 | +45.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEGH and SPY good diversifiers for each other?
Reasonably. At 0.35, LEGH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LEGH and SPY?
The LEGH/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.38, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LEGH?
Reasonably. At 0.35, LEGH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: LEGH correlations · SPY correlations
