LGL vs SPY: Correlation
How closely do LGL Group, Inc. (The) (LGL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.08, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LGL and SPY?
Over the past 3 years, LGL and SPY moved with a correlation of 0.08, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.08). Over 5 years the correlation is 0.17, and the annualized covariance of weekly returns is 37.0 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against LGL. On 12-month performance SPY holds a 5.6-point edge, +15.0% against +20.6%. One caveat on sizing: LGL is 2.2 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.
LGL vs SPY: side by side
| LGL (LGL Group, Inc. (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.0% | +20.6% |
| 5-year return | +78.3% | +82.4% |
| Volatility (ann.) | 32.1% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -27.2% | -18.8% |
| Market cap | $0.1B | – |
| 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 | LGL | SPY |
|---|---|---|
| 2022 | -5.8% | -18.2% |
| 2023 | +51.6% | +26.2% |
| 2024 | -2.8% | +24.9% |
| 2025 | -3.7% | +17.7% |
| 2026 | +28.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LGL and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between LGL and SPY?
As of 2026-08-27, the correlation of weekly returns between LGL and SPY is 0.08 over 3 years, -0.05 over 1 year and 0.17 over 5 years.
Is SPY a good diversifier for LGL?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
What does a correlation of 0.08 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: LGL correlations · SPY correlations
