LOW vs SPY: Correlation
Measured on weekly returns over the past three years, Lowe's (LOW) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LOW and SPY?
Across a 3-year window, the weekly returns of LOW and SPY correlate at 0.48, moderate. The past 12 months show a weaker link (0.36) than the 3-year average (0.48). Stretching to 5 years gives 0.58, with an annualized covariance of 172.6 %².
Within LOW's tracked universe of 46 assets, SPY comes in at #22 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 39.0 percentage points (-18.4% for LOW against +20.6% for SPY). On a rolling one-year basis the correlation drifted between 0.35 and 0.75, a moderate band. Risk is not evenly split, since LOW carries 1.7 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.
LOW vs SPY: side by side
| LOW (Lowe's) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -18.4% | +20.6% |
| 5-year return | +11.1% | +82.4% |
| Volatility (ann.) | 24.8% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -29.0% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 17.8 | – |
| Dividend yield | 2.31% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | LOW | SPY |
|---|---|---|
| 2022 | -21.5% | -18.2% |
| 2023 | +14.0% | +26.2% |
| 2024 | +13.0% | +24.9% |
| 2025 | -0.3% | +17.7% |
| 2026 | -12.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
LOW represents 0.18% of SPY's portfolio, so part of any move in SPY is LOW itself, and the correlation between them is partly mechanical.
Are LOW and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LOW and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.36 over the last year and 0.58 over 5 years.
Is SPY a good diversifier for LOW?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 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: LOW correlations · SPY correlations
