LESL vs SPY: Correlation
Measured on weekly returns over the past three years, Leslie's, Inc. (LESL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.21, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LESL and SPY?
Across a 3-year window, the weekly returns of LESL and SPY correlate at 0.21, weak. The relationship has been stable: the 1-year correlation (0.19) sits close to the 3-year figure. Stretching to 5 years gives 0.23, with an annualized covariance of 383.2 %².
SPY is close to the least connected end of LESL's tracked universe, ranking #8 of 11. The last year tells two different stories: SPY led by 113.0 percentage points, -92.4% for LESL against +20.6% for SPY. Note the risk asymmetry: LESL runs 8.7 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.
LESL vs SPY: side by side
| LESL (Leslie's, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -92.4% | +20.6% |
| 5-year return | -99.9% | +82.4% |
| Volatility (ann.) | 125.8% | 14.5% |
| Beta vs S&P 500 | 1.83 | 1.00 |
| Max drawdown (3Y) | -99.7% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| 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 | LESL | SPY |
|---|---|---|
| 2022 | -48.4% | -18.2% |
| 2023 | -43.4% | +26.2% |
| 2024 | -67.7% | +24.9% |
| 2025 | -96.3% | +17.7% |
| 2026 | -67.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LESL and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LESL and SPY?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with 0.19 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for LESL?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/lesl-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/lesl-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LESL correlations · SPY correlations
