LVWR vs SPY: Correlation
How closely do LiveWire Group, Inc. (LVWR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LVWR and SPY?
On 3 years of weekly data the LVWR/SPY correlation comes out at 0.13, weak. The past 12 months show a weaker link (0.01) than the 3-year average (0.13). The 5-year figure is 0.12, and annualized covariance runs at 436.7 %².
Within LVWR's tracked universe of 17 assets, SPY comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 85.8 points (-65.2% versus +20.6%). One caveat on sizing: LVWR is 15.9 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.
LVWR vs SPY: side by side
| LVWR (LiveWire Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -65.2% | +20.6% |
| 5-year return | -86.0% | +82.4% |
| Volatility (ann.) | 230.4% | 14.5% |
| Beta vs S&P 500 | 2.09 | 1.00 |
| Max drawdown (3Y) | -94.6% | -18.8% |
| Market cap | $0.3B | – |
| 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 | LVWR | SPY |
|---|---|---|
| 2022 | -51.5% | -18.2% |
| 2023 | +133.2% | +26.2% |
| 2024 | -57.5% | +24.9% |
| 2025 | -8.1% | +17.7% |
| 2026 | -69.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LVWR and SPY good diversifiers for each other?
Yes. With a correlation of 0.13, LVWR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between LVWR and SPY?
As of 2026-08-27, the correlation of weekly returns between LVWR and SPY is 0.13 over 3 years, 0.01 over 1 year and 0.12 over 5 years.
Is SPY a good diversifier for LVWR?
Yes. With a correlation of 0.13, LVWR and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.13 mean?
On the −1 to +1 scale, 0.13 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: LVWR correlations · SPY correlations
