LGO vs SPY: Correlation
Largo Inc. (LGO) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LGO and SPY?
On 3 years of weekly data the LGO/SPY correlation comes out at 0.19, weak. Little has changed lately, as the 1-year reading of 0.23 lands near the 3-year figure. The 5-year figure is 0.20, and annualized covariance runs at 196.1 %².
Among the 14 assets we track against LGO, SPY sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 71.8 percentage points (-51.2% for LGO against +20.6% for SPY). Risk is not evenly split, since LGO carries 5.0 times the volatility of the other side.
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.
LGO vs SPY: side by side
| LGO (Largo Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -51.2% | +20.6% |
| 5-year return | -94.6% | +82.4% |
| Volatility (ann.) | 72.9% | 14.5% |
| Beta vs S&P 500 | 0.94 | 1.00 |
| Max drawdown (3Y) | -83.8% | -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 | LGO | SPY |
|---|---|---|
| 2022 | -41.9% | -18.2% |
| 2023 | -57.1% | +26.2% |
| 2024 | -25.5% | +24.9% |
| 2025 | -45.3% | +17.7% |
| 2026 | -22.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LGO and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between LGO and SPY?
As of 2026-08-27, the correlation of weekly returns between LGO and SPY is 0.19 over 3 years, 0.23 over 1 year and 0.20 over 5 years.
Is SPY a good diversifier for LGO?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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.
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Related comparisons
Hubs: LGO correlations · SPY correlations
