LILA vs SPY: Correlation
How closely do Liberty Latin America Ltd. (LILA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LILA and SPY?
Over the past 3 years, LILA and SPY moved with a correlation of 0.14, which is weak. The link has loosened recently: the 1-year correlation (-0.07) runs below the 3-year figure (0.14). Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 98.7 %².
SPY is close to the least connected end of LILA's tracked universe, ranking #9 of 13. Their recent paths diverged sharply: over the last 12 months LILA outperformed by 31.9 percentage points (+52.5% for LILA against +20.6% for SPY). Risk is not evenly split, since LILA carries 3.4 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.
LILA vs SPY: side by side
| LILA (Liberty Latin America Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +52.5% | +20.6% |
| 5-year return | -13.8% | +82.4% |
| Volatility (ann.) | 49.9% | 14.5% |
| Beta vs S&P 500 | 0.47 | 1.00 |
| Max drawdown (3Y) | -57.1% | -18.8% |
| Market cap | $1.6B | – |
| 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 | LILA | SPY |
|---|---|---|
| 2022 | -35.4% | -18.2% |
| 2023 | -2.9% | +26.2% |
| 2024 | -13.0% | +24.9% |
| 2025 | +16.2% | +17.7% |
| 2026 | +65.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LILA and SPY good diversifiers for each other?
Yes. With a correlation of 0.14, LILA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LILA and SPY?
As of 2026-08-27, the correlation of weekly returns between LILA and SPY is 0.14 over 3 years, -0.07 over 1 year and 0.27 over 5 years.
Is SPY a good diversifier for LILA?
Yes. With a correlation of 0.14, LILA and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/lila-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/lila-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LILA correlations · SPY correlations
