LION vs SPY: Correlation
Measured on weekly returns over the past three years, Lionsgate Studios Corp (LION) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LION and SPY?
Across a 3-year window, the weekly returns of LION and SPY correlate at 0.22, weak. Little has changed lately, as the 1-year reading of 0.17 lands near the 3-year figure. Stretching to 5 years gives 0.16, with an annualized covariance of 145.7 %².
Among the 10 assets we track against LION, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months LION outperformed by 58.3 percentage points (+78.9% for LION against +20.6% for SPY). Note the risk asymmetry: LION runs 3.2 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
LION vs SPY: side by side
| LION (Lionsgate Studios Corp) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +78.9% | +20.6% |
| 5-year return | +19.0% | +82.4% |
| Volatility (ann.) | 46.5% | 14.5% |
| Beta vs S&P 500 | 0.70 | 1.00 |
| Max drawdown (3Y) | -55.4% | -18.8% |
| Market cap | $3.4B | – |
| 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 | LION | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +6.6% | +26.2% |
| 2024 | -28.3% | +24.9% |
| 2025 | +20.1% | +17.7% |
| 2026 | +26.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LION and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LION and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.17 over the last year and 0.16 over 5 years.
Is SPY a good diversifier for LION?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 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.
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Related comparisons
Hubs: LION correlations · SPY correlations
