LQDT vs SPY: Correlation
Measured on weekly returns over the past three years, Liquidity Services, Inc. (LQDT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.29, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LQDT and SPY?
On 3 years of weekly data the LQDT/SPY correlation comes out at 0.29, weak. Recent behaviour matches the longer record: 0.32 over 1 year against 0.29 over 3. The 5-year figure is 0.33, and annualized covariance runs at 185.0 %².
SPY is close to the least connected end of LQDT's tracked universe, ranking #6 of 10. Their recent paths diverged sharply: over the last 12 months LQDT outperformed by 38.4 percentage points (+59.0% for LQDT against +20.6% for SPY). Risk is not evenly split, since LQDT carries 3.1 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.
LQDT vs SPY: side by side
| LQDT (Liquidity Services, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +59.0% | +20.6% |
| 5-year return | +66.3% | +82.4% |
| Volatility (ann.) | 44.8% | 14.5% |
| Beta vs S&P 500 | 0.89 | 1.00 |
| Max drawdown (3Y) | -41.1% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 41.0 | – |
| 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 | LQDT | SPY |
|---|---|---|
| 2022 | -36.3% | -18.2% |
| 2023 | +22.4% | +26.2% |
| 2024 | +87.6% | +24.9% |
| 2025 | -6.1% | +17.7% |
| 2026 | +37.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LQDT and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LQDT and SPY?
Using weekly returns as of 2026-08-27: 0.29 over 3 years, with 0.32 over the last year and 0.33 over 5 years.
Is SPY a good diversifier for LQDT?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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: LQDT correlations · SPY correlations
