LHX vs SPY: Correlation
Measured on weekly returns over the past three years, L3Harris (LHX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LHX and SPY?
On 3 years of weekly data the LHX/SPY correlation comes out at 0.32, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.32 over 3 years. The 5-year figure is 0.40, and annualized covariance runs at 107.5 %².
Within LHX's tracked universe of 30 assets, SPY comes in at #18 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 24.4 points (-3.8% versus +20.6%). This link changes with the market regime, having swung between 0.03 and 0.56 on a rolling one-year basis. One caveat on sizing: LHX is 1.6 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.
LHX vs SPY: side by side
| LHX (L3Harris) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.8% | +20.6% |
| 5-year return | +24.4% | +82.4% |
| Volatility (ann.) | 23.0% | 14.5% |
| Beta vs S&P 500 | 0.51 | 1.00 |
| Max drawdown (3Y) | -30.3% | -18.8% |
| Market cap | $48.8B | – |
| P/E (trailing) | 26.6 | – |
| Dividend yield | 1.09% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | LHX | SPY |
|---|---|---|
| 2022 | -0.5% | -18.2% |
| 2023 | +3.7% | +26.2% |
| 2024 | +1.9% | +24.9% |
| 2025 | +42.3% | +17.7% |
| 2026 | -10.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds LHX at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are LHX and SPY good diversifiers for each other?
Reasonably. At 0.32, LHX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LHX and SPY?
Using weekly returns as of 2026-08-27: 0.32 over 3 years, with 0.20 over the last year and 0.40 over 5 years.
Is SPY a good diversifier for LHX?
Reasonably. At 0.32, LHX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/lhx-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/lhx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LHX correlations · SPY correlations
