LOCL vs SPY: Correlation
How closely do Local Bounti Corporation (LOCL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.05, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LOCL and SPY?
Across a 3-year window, the weekly returns of LOCL and SPY correlate at -0.05, near zero, meaning they move largely independently. The past 12 months show a tighter link (0.22) than the 3-year average (-0.05). Stretching to 5 years gives 0.07, with an annualized covariance of -103.0 %².
Among the 34 assets we track against LOCL, SPY ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 79.4 percentage points (-58.8% for LOCL against +20.6% for SPY). One caveat on sizing: LOCL is 9.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
LOCL vs SPY: side by side
| LOCL (Local Bounti Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -58.8% | +20.6% |
| 5-year return | -99.2% | +82.4% |
| Volatility (ann.) | 142.7% | 14.5% |
| Beta vs S&P 500 | -0.49 | 1.00 |
| Max drawdown (3Y) | -79.4% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | LOCL | SPY |
|---|---|---|
| 2022 | -78.4% | -18.2% |
| 2023 | -88.5% | +26.2% |
| 2024 | +0.0% | +24.9% |
| 2025 | +3.4% | +17.7% |
| 2026 | -53.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LOCL and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between LOCL and SPY?
As of 2026-08-27, the correlation of weekly returns between LOCL and SPY is -0.05 over 3 years, 0.22 over 1 year and 0.07 over 5 years.
Is SPY a good diversifier for LOCL?
By historical standards, yes. A correlation of -0.05 means the two rarely move for the same reasons.
What does a correlation of -0.05 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: LOCL correlations · SPY correlations
