LNC vs SPY: Correlation
Measured on weekly returns over the past three years, Lincoln National Corporation (LNC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LNC and SPY?
Across a 3-year window, the weekly returns of LNC and SPY correlate at 0.49, moderate. The link has loosened recently: the 1-year correlation (0.31) runs below the 3-year figure (0.49). Stretching to 5 years gives 0.55, with an annualized covariance of 237.7 %².
Within LNC's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. The trailing year gives SPY the advantage: +7.4% versus +20.6%, a 13.2-point spread. Risk is not evenly split, since LNC carries 2.3 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.
LNC vs SPY: side by side
| LNC (Lincoln National Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.4% | +20.6% |
| 5-year return | -18.1% | +82.4% |
| Volatility (ann.) | 33.9% | 14.5% |
| Beta vs S&P 500 | 1.14 | 1.00 |
| Max drawdown (3Y) | -29.1% | -18.8% |
| Market cap | $8.3B | – |
| P/E (trailing) | 3.7 | – |
| Dividend yield | 4.16% | 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 | LNC | SPY |
|---|---|---|
| 2022 | -53.5% | -18.2% |
| 2023 | -5.6% | +26.2% |
| 2024 | +24.8% | +24.9% |
| 2025 | +48.0% | +17.7% |
| 2026 | +1.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LNC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LNC and SPY?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.31 over the last year and 0.55 over 5 years.
Is SPY a good diversifier for LNC?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 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: LNC correlations · SPY correlations
