LEN vs SPY: Correlation
How closely do Lennar (LEN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEN and SPY?
Over the past 3 years, LEN and SPY moved with a correlation of 0.37, which is moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.37). Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 174.8 %².
Within LEN's tracked universe of 40 assets, SPY comes in at #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 55.5 percentage points (-34.9% for LEN against +20.6% for SPY). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.23 to 0.76. Risk is not evenly split, since LEN carries 2.2 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.
LEN vs SPY: side by side
| LEN (Lennar) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -34.9% | +20.6% |
| 5-year return | -11.7% | +82.4% |
| Volatility (ann.) | 32.6% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -54.5% | -18.8% |
| Market cap | $20.5B | – |
| P/E (trailing) | 13.7 | – |
| Dividend yield | 2.29% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | LEN | SPY |
|---|---|---|
| 2022 | -20.6% | -18.2% |
| 2023 | +66.9% | +26.2% |
| 2024 | -7.3% | +24.9% |
| 2025 | -20.8% | +17.7% |
| 2026 | -15.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEN and SPY good diversifiers for each other?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LEN and SPY?
The LEN/SPY correlation stands at 0.37 on a 3-year window (1 year: 0.26, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LEN?
A fair diversifier. At 0.37, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.37 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: LEN correlations · SPY correlations
