LQDA vs SPY: Correlation
Liquidia Corporation (LQDA) 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 LQDA and SPY?
Over the past 3 years, LQDA and SPY moved with a correlation of 0.29, which is weak. The link has loosened recently: the 1-year correlation (0.08) runs below the 3-year figure (0.29). Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 307.1 %².
Out of 11 assets tracked against LQDA, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with LQDA ahead by 129.2 points (+149.8% versus +20.6%). One caveat on sizing: LQDA is 5.0 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.
LQDA vs SPY: side by side
| LQDA (Liquidia Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +149.8% | +20.6% |
| 5-year return | +2500.0% | +82.4% |
| Volatility (ann.) | 72.2% | 14.5% |
| Beta vs S&P 500 | 1.47 | 1.00 |
| Max drawdown (3Y) | -46.8% | -18.8% |
| Market cap | $6.3B | – |
| P/E (trailing) | 51.1 | – |
| 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 | LQDA | SPY |
|---|---|---|
| 2022 | +30.8% | -18.2% |
| 2023 | +88.9% | +26.2% |
| 2024 | -2.2% | +24.9% |
| 2025 | +193.3% | +17.7% |
| 2026 | +102.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LQDA and SPY good diversifiers for each other?
Reasonably. At 0.29, LQDA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LQDA and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.08 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for LQDA?
Reasonably. At 0.29, LQDA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: LQDA correlations · SPY correlations
