LEVI vs SPY: Correlation
Levi Strauss & Co (LEVI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LEVI and SPY?
On 3 years of weekly data the LEVI/SPY correlation comes out at 0.43, moderate. Recent behaviour matches the longer record: 0.43 over 1 year against 0.43 over 3. The 5-year figure is 0.52, and annualized covariance runs at 219.4 %².
Among the 12 assets we track against LEVI, SPY ranks #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 23.1 percentage points (-2.5% for LEVI against +20.6% for SPY). One caveat on sizing: LEVI is 2.4 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.
LEVI vs SPY: side by side
| LEVI (Levi Strauss & Co) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -2.5% | +20.6% |
| 5-year return | -10.8% | +82.4% |
| Volatility (ann.) | 35.5% | 14.5% |
| Beta vs S&P 500 | 1.05 | 1.00 |
| Max drawdown (3Y) | -47.5% | -18.8% |
| Market cap | $8.1B | – |
| P/E (trailing) | 15.4 | – |
| Dividend yield | 2.61% | 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 | LEVI | SPY |
|---|---|---|
| 2022 | -36.5% | -18.2% |
| 2023 | +10.0% | +26.2% |
| 2024 | +7.5% | +24.9% |
| 2025 | +23.4% | +17.7% |
| 2026 | +3.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LEVI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LEVI and SPY?
As of 2026-08-27, the correlation of weekly returns between LEVI and SPY is 0.43 over 3 years, 0.43 over 1 year and 0.52 over 5 years.
Is SPY a good diversifier for LEVI?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 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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Hubs: LEVI correlations · SPY correlations
