LGCL vs SPY: Correlation
Lucas GC Limited - Class A (LGCL) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.17.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LGCL and SPY?
Across a 3-year window, the weekly returns of LGCL and SPY correlate at 0.17, weak. Lately the two have moved closer together, with the 1-year correlation at 0.29 versus 0.17 over 3 years. Stretching to 5 years gives n/a, with an annualized covariance of 392.7 %².
By 3-year correlation, SPY places #6 of the 15 assets tracked against LGCL. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 120.3 percentage points (-99.7% for LGCL against +20.6% for SPY). Note the risk asymmetry: LGCL runs 11.0 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.
LGCL vs SPY: side by side
| LGCL (Lucas GC Limited - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -99.7% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 159.1% | 14.5% |
| Beta vs S&P 500 | 1.88 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 0.1 | – |
| 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 | LGCL | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | – | +24.9% |
| 2025 | -91.0% | +17.7% |
| 2026 | -97.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LGCL and SPY good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LGCL and SPY?
As of 2026-08-27, the correlation of weekly returns between LGCL and SPY is 0.17 over 3 years, 0.29 over 1 year and n/a over 5 years.
Is SPY a good diversifier for LGCL?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 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: LGCL correlations · SPY correlations
