LNN vs SPY: Correlation
Lindsay Corporation (LNN) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LNN and SPY?
On 3 years of weekly data the LNN/SPY correlation comes out at 0.25, weak. The link has loosened recently: the 1-year correlation (-0.08) runs below the 3-year figure (0.25). The 5-year figure is 0.36, and annualized covariance runs at 95.3 %².
SPY is close to the least connected end of LNN's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 38.2 percentage points (-17.6% for LNN against +20.6% for SPY). Note the risk asymmetry: LNN runs 1.8 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.
LNN vs SPY: side by side
| LNN (Lindsay Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -17.6% | +20.6% |
| 5-year return | -27.8% | +82.4% |
| Volatility (ann.) | 26.8% | 14.5% |
| Beta vs S&P 500 | 0.46 | 1.00 |
| Max drawdown (3Y) | -30.0% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 21.9 | – |
| Dividend yield | 1.30% | 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 | LNN | SPY |
|---|---|---|
| 2022 | +8.1% | -18.2% |
| 2023 | -19.8% | +26.2% |
| 2024 | -7.3% | +24.9% |
| 2025 | +0.8% | +17.7% |
| 2026 | -2.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LNN and SPY good diversifiers for each other?
Reasonably. At 0.25, LNN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LNN and SPY?
The LNN/SPY correlation stands at 0.25 on a 3-year window (1 year: -0.08, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LNN?
Reasonably. At 0.25, LNN and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 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: LNN correlations · SPY correlations
