LPG vs SPY: Correlation
Dorian LPG Ltd. (LPG) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LPG and SPY?
Across a 3-year window, the weekly returns of LPG and SPY correlate at 0.29, weak. The link has loosened recently: the 1-year correlation (0.14) runs below the 3-year figure (0.29). Stretching to 5 years gives 0.30, with an annualized covariance of 199.8 %².
SPY is close to the least connected end of LPG's tracked universe, ranking #7 of 11. The last year tells two different stories: LPG led by 47.7 percentage points, +68.3% for LPG against +20.6% for SPY. Note the risk asymmetry: LPG runs 3.2 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.
LPG vs SPY: side by side
| LPG (Dorian LPG Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +68.3% | +20.6% |
| 5-year return | +725.0% | +82.4% |
| Volatility (ann.) | 47.1% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -62.9% | -18.8% |
| Market cap | $2.1B | – |
| P/E (trailing) | 6.4 | – |
| Dividend yield | 6.99% | 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 | LPG | SPY |
|---|---|---|
| 2022 | +109.6% | -18.2% |
| 2023 | +171.4% | +26.2% |
| 2024 | -37.8% | +24.9% |
| 2025 | +9.8% | +17.7% |
| 2026 | +116.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LPG and SPY good diversifiers for each other?
Reasonably. At 0.29, LPG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LPG and SPY?
The LPG/SPY correlation stands at 0.29 on a 3-year window (1 year: 0.14, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for LPG?
Reasonably. At 0.29, LPG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 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: LPG correlations · SPY correlations
