LII vs SPY: Correlation
Lennox International (LII) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LII and SPY?
On 3 years of weekly data the LII/SPY correlation comes out at 0.44, moderate. The past 12 months show a weaker link (0.26) than the 3-year average (0.44). The 5-year figure is 0.55, and annualized covariance runs at 201.4 %².
By 3-year correlation, SPY places #16 of the 37 assets tracked against LII. The last year tells two different stories: SPY led by 50.9 percentage points, -30.3% for LII against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.25 to 0.73. One caveat on sizing: LII 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.
LII vs SPY: side by side
| LII (Lennox International) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -30.3% | +20.6% |
| 5-year return | +23.7% | +82.4% |
| Volatility (ann.) | 32.0% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -41.7% | -18.8% |
| Market cap | $13.5B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 1.34% | 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 | LII | SPY |
|---|---|---|
| 2022 | -24.9% | -18.2% |
| 2023 | +89.5% | +26.2% |
| 2024 | +37.3% | +24.9% |
| 2025 | -19.5% | +17.7% |
| 2026 | -19.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LII and SPY good diversifiers for each other?
Reasonably. At 0.44, LII and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LII and SPY?
As of 2026-08-27, the correlation of weekly returns between LII and SPY is 0.44 over 3 years, 0.26 over 1 year and 0.55 over 5 years.
Is SPY a good diversifier for LII?
Reasonably. At 0.44, LII and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: LII correlations · SPY correlations
