LEO vs SPY: Correlation
How closely do BNY Mellon Strategic Municipals, Inc. (LEO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEO and SPY?
Across a 3-year window, the weekly returns of LEO and SPY correlate at 0.31, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.47 versus 0.31 over 3 years. Stretching to 5 years gives 0.38, with an annualized covariance of 53.7 %².
Out of 21 assets tracked against LEO, SPY lands near the bottom at #17. The trailing year gives SPY the advantage: +10.2% versus +20.6%, a 10.4-point spread.
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.
LEO vs SPY: side by side
| LEO (BNY Mellon Strategic Municipals, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.2% | +20.6% |
| 5-year return | -18.0% | +82.4% |
| Volatility (ann.) | 12.2% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -13.1% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 30.9 | – |
| Dividend yield | 4.41% | 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 | LEO | SPY |
|---|---|---|
| 2022 | -24.1% | -18.2% |
| 2023 | +0.1% | +26.2% |
| 2024 | +6.9% | +24.9% |
| 2025 | +9.9% | +17.7% |
| 2026 | +0.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEO and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LEO and SPY?
The LEO/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.47, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LEO?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 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: LEO correlations · SPY correlations
