LVS vs SPY: Correlation
How closely do Las Vegas Sands (LVS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LVS and SPY?
Across a 3-year window, the weekly returns of LVS and SPY correlate at 0.31, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.18 versus 0.31 over 3 years. Stretching to 5 years gives 0.36, with an annualized covariance of 157.1 %².
By 3-year correlation, SPY places #18 of the 29 assets tracked against LVS. The last year tells two different stories: SPY led by 40.9 percentage points, -20.3% for LVS against +20.6% for SPY. On a rolling one-year basis the correlation drifted between 0.18 and 0.55, a moderate band. One caveat on sizing: LVS is 2.4 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.
LVS vs SPY: side by side
| LVS (Las Vegas Sands) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -20.3% | +20.6% |
| 5-year return | +8.5% | +82.4% |
| Volatility (ann.) | 34.8% | 14.5% |
| Beta vs S&P 500 | 0.75 | 1.00 |
| Max drawdown (3Y) | -44.0% | -18.8% |
| Market cap | $28.7B | – |
| P/E (trailing) | 17.1 | – |
| Dividend yield | 2.49% | 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 | LVS | SPY |
|---|---|---|
| 2022 | +27.7% | -18.2% |
| 2023 | +3.1% | +26.2% |
| 2024 | +6.2% | +24.9% |
| 2025 | +29.5% | +17.7% |
| 2026 | -30.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LVS and SPY good diversifiers for each other?
Reasonably. At 0.31, LVS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between LVS and SPY?
As of 2026-08-27, the correlation of weekly returns between LVS and SPY is 0.31 over 3 years, 0.18 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for LVS?
Reasonably. At 0.31, LVS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 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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Related comparisons
Hubs: LVS correlations · SPY correlations
