LMNR vs SPY: Correlation
How closely do Limoneira Co (LMNR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LMNR and SPY?
Over the past 3 years, LMNR and SPY moved with a correlation of 0.27, which is weak. The relationship has been stable: the 1-year correlation (0.17) sits close to the 3-year figure. Over 5 years the correlation is 0.20, and the annualized covariance of weekly returns is 127.5 %².
Out of 12 assets tracked against LMNR, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 34.8 percentage points (-14.2% for LMNR against +20.6% for SPY). Risk is not evenly split, since LMNR carries 2.2 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.
LMNR vs SPY: side by side
| LMNR (Limoneira Co) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.2% | +20.6% |
| 5-year return | -8.4% | +82.4% |
| Volatility (ann.) | 32.1% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -58.1% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.67% | 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 | LMNR | SPY |
|---|---|---|
| 2022 | -16.7% | -18.2% |
| 2023 | +72.0% | +26.2% |
| 2024 | +20.2% | +24.9% |
| 2025 | -47.3% | +17.7% |
| 2026 | +7.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LMNR and SPY good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LMNR and SPY?
The LMNR/SPY correlation stands at 0.27 on a 3-year window (1 year: 0.17, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LMNR?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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: LMNR correlations · SPY correlations
