LND vs SPY: Correlation
Measured on weekly returns over the past three years, Brasilagro Brazilian Agric Real Estate Co Sponsored ADR (LND) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.05, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LND and SPY?
Across a 3-year window, the weekly returns of LND and SPY correlate at 0.05, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.13 over 1 year against 0.05 over 3. Stretching to 5 years gives 0.10, with an annualized covariance of 14.1 %².
Out of 10 assets tracked against LND, SPY lands near the bottom at #7. The last year tells two different stories: SPY led by 25.7 percentage points, -5.1% for LND against +20.6% for SPY.
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.
LND vs SPY: side by side
| LND (Brasilagro Brazilian Agric Real Estate Co Sponsored ADR) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -5.1% | +20.6% |
| 5-year return | +2.5% | +82.4% |
| Volatility (ann.) | 20.6% | 14.5% |
| Beta vs S&P 500 | 0.07 | 1.00 |
| Max drawdown (3Y) | -32.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 20.30% | 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 | LND | SPY |
|---|---|---|
| 2022 | +23.6% | -18.2% |
| 2023 | +3.9% | +26.2% |
| 2024 | -27.2% | +24.9% |
| 2025 | -0.8% | +17.7% |
| 2026 | +3.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LND and SPY good diversifiers for each other?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LND and SPY?
The LND/SPY correlation stands at 0.05 on a 3-year window (1 year: 0.13, 5 years: 0.10), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LND?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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: LND correlations · SPY correlations
