LKFN vs SPY: Correlation
Measured on weekly returns over the past three years, Lakeland Financial Corporation (LKFN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LKFN and SPY?
Across a 3-year window, the weekly returns of LKFN and SPY correlate at 0.36, moderate. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.36). Stretching to 5 years gives 0.33, with an annualized covariance of 156.8 %².
By 3-year correlation, SPY places #10 of the 15 assets tracked against LKFN. Correlation aside, the last 12 months split them widely, with SPY ahead by 31.0 points (-10.4% versus +20.6%). Risk is not evenly split, since LKFN carries 2.1 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.
LKFN vs SPY: side by side
| LKFN (Lakeland Financial Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.4% | +20.6% |
| 5-year return | +4.7% | +82.4% |
| Volatility (ann.) | 29.9% | 14.5% |
| Beta vs S&P 500 | 0.75 | 1.00 |
| Max drawdown (3Y) | -31.7% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 13.6 | – |
| Dividend yield | 3.46% | 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 | LKFN | SPY |
|---|---|---|
| 2022 | -7.0% | -18.2% |
| 2023 | -7.8% | +26.2% |
| 2024 | +8.7% | +24.9% |
| 2025 | -14.3% | +17.7% |
| 2026 | +6.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LKFN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LKFN and SPY?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.09 over the last year and 0.33 over 5 years.
Is SPY a good diversifier for LKFN?
Yes, to a useful degree: a correlation of 0.36 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.36 mean?
On the −1 to +1 scale, 0.36 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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Related comparisons
Hubs: LKFN correlations · SPY correlations
