LIND vs SPY: Correlation
Measured on weekly returns over the past three years, Lindblad Expeditions Holdings Inc. (LIND) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.42, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LIND and SPY?
On 3 years of weekly data the LIND/SPY correlation comes out at 0.42, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.42). The 5-year figure is 0.46, and annualized covariance runs at 411.6 %².
Within LIND's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months LIND outperformed by 79.8 percentage points (+100.4% for LIND against +20.6% for SPY). One caveat on sizing: LIND is 4.7 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.
LIND vs SPY: side by side
| LIND (Lindblad Expeditions Holdings Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +100.4% | +20.6% |
| 5-year return | +102.2% | +82.4% |
| Volatility (ann.) | 67.7% | 14.5% |
| Beta vs S&P 500 | 1.97 | 1.00 |
| Max drawdown (3Y) | -43.8% | -18.8% |
| Market cap | $2.0B | – |
| 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 | LIND | SPY |
|---|---|---|
| 2022 | -50.6% | -18.2% |
| 2023 | +46.4% | +26.2% |
| 2024 | +5.2% | +24.9% |
| 2025 | +21.6% | +17.7% |
| 2026 | +108.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LIND and SPY good diversifiers for each other?
Reasonably. At 0.42, LIND and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LIND and SPY?
The LIND/SPY correlation stands at 0.42 on a 3-year window (1 year: 0.26, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LIND?
Reasonably. At 0.42, LIND and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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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Hubs: LIND correlations · SPY correlations
