LLY vs SPY: Correlation
How closely do Lilly (Eli) (LLY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LLY and SPY?
Across a 3-year window, the weekly returns of LLY and SPY correlate at 0.22, weak. Lately the two have drifted apart, with the 1-year correlation at 0.03 versus 0.22 over 3 years. Stretching to 5 years gives 0.26, with an annualized covariance of 118.3 %².
By 3-year correlation, SPY places #16 of the 29 assets tracked against LLY. Correlation aside, the last 12 months split them widely, with LLY ahead by 40.6 points (+61.2% versus +20.6%). The rolling one-year correlation moved between 0.02 and 0.50 over the past three years, a moderate range. Note the risk asymmetry: LLY runs 2.5 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.
LLY vs SPY: side by side
| LLY (Lilly (Eli)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +61.2% | +20.6% |
| 5-year return | +369.2% | +82.4% |
| Volatility (ann.) | 36.6% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -34.5% | -18.8% |
| Market cap | $1,048.8B | – |
| P/E (trailing) | 40.0 | – |
| Dividend yield | 0.54% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | LLY | SPY |
|---|---|---|
| 2022 | +34.3% | -18.2% |
| 2023 | +60.9% | +26.2% |
| 2024 | +33.3% | +24.9% |
| 2025 | +40.2% | +17.7% |
| 2026 | +10.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
LLY represents 1.42% of SPY's portfolio, so part of any move in SPY is LLY itself, and the correlation between them is partly mechanical.
Are LLY and SPY good diversifiers for each other?
Reasonably. At 0.22, LLY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LLY and SPY?
The LLY/SPY correlation stands at 0.22 on a 3-year window (1 year: 0.03, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LLY?
Reasonably. At 0.22, LLY and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
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: LLY correlations · SPY correlations
