LOOP vs SPY: Correlation
Measured on weekly returns over the past three years, Loop Industries, Inc. (LOOP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LOOP and SPY?
Over the past 3 years, LOOP and SPY moved with a correlation of 0.19, which is weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.19 over 3. Over 5 years the correlation is 0.20, and the annualized covariance of weekly returns is 201.2 %².
Within LOOP's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: SPY led by 83.5 percentage points, -62.9% for LOOP against +20.6% for SPY. Note the risk asymmetry: LOOP runs 5.1 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.
LOOP vs SPY: side by side
| LOOP (Loop Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -62.9% | +20.6% |
| 5-year return | -93.8% | +82.4% |
| Volatility (ann.) | 73.7% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -87.5% | -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 | LOOP | SPY |
|---|---|---|
| 2022 | -80.5% | -18.2% |
| 2023 | +58.2% | +26.2% |
| 2024 | -68.3% | +24.9% |
| 2025 | -16.7% | +17.7% |
| 2026 | -44.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LOOP and SPY good diversifiers for each other?
Yes. With a correlation of 0.19, LOOP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LOOP and SPY?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.19 over the last year and 0.20 over 5 years.
Is SPY a good diversifier for LOOP?
Yes. With a correlation of 0.19, LOOP and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 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: LOOP correlations · SPY correlations
