LUCY vs SPY: Correlation
Measured on weekly returns over the past three years, Innovative Eyewear, Inc. (LUCY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.10, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LUCY and SPY?
Across a 3-year window, the weekly returns of LUCY and SPY correlate at 0.10, weak. Lately the two have moved closer together, with the 1-year correlation at 0.27 versus 0.10 over 3 years. Stretching to 5 years gives 0.12, with an annualized covariance of 361.3 %².
Among the 16 assets we track against LUCY, SPY ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 72.3 percentage points (-51.7% for LUCY against +20.6% for SPY). One caveat on sizing: LUCY is 17.9 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.
LUCY vs SPY: side by side
| LUCY (Innovative Eyewear, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -51.7% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 259.2% | 14.5% |
| Beta vs S&P 500 | 1.73 | 1.00 |
| Max drawdown (3Y) | -96.7% | -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 | LUCY | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -69.2% | +26.2% |
| 2024 | -41.7% | +24.9% |
| 2025 | -79.7% | +17.7% |
| 2026 | -5.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LUCY and SPY good diversifiers for each other?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LUCY and SPY?
Using weekly returns as of 2026-08-27: 0.10 over 3 years, with 0.27 over the last year and 0.12 over 5 years.
Is SPY a good diversifier for LUCY?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.10 mean?
A reading of 0.10 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: LUCY correlations · SPY correlations
