LMAT vs SPY: Correlation
LeMaitre Vascular, Inc. (LMAT) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LMAT and SPY?
Across a 3-year window, the weekly returns of LMAT and SPY correlate at 0.24, weak. The past 12 months show a weaker link (-0.07) than the 3-year average (0.24). Stretching to 5 years gives 0.27, with an annualized covariance of 119.7 %².
By 3-year correlation, SPY places #8 of the 14 assets tracked against LMAT. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 36.5 percentage points (-15.9% for LMAT against +20.6% for SPY). Risk is not evenly split, since LMAT carries 2.4 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.
LMAT vs SPY: side by side
| LMAT (LeMaitre Vascular, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -15.9% | +20.6% |
| 5-year return | +47.2% | +82.4% |
| Volatility (ann.) | 35.0% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -32.5% | -18.8% |
| Market cap | $1.8B | – |
| P/E (trailing) | 27.9 | – |
| Dividend yield | 1.13% | 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 | LMAT | SPY |
|---|---|---|
| 2022 | -7.4% | -18.2% |
| 2023 | +24.6% | +26.2% |
| 2024 | +63.6% | +24.9% |
| 2025 | -11.2% | +17.7% |
| 2026 | -1.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LMAT and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LMAT and SPY?
The LMAT/SPY correlation stands at 0.24 on a 3-year window (1 year: -0.07, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LMAT?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
A reading of 0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: LMAT correlations · SPY correlations
