LYB vs SPY: Correlation
How closely do LyondellBasell (LYB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LYB and SPY?
On 3 years of weekly data the LYB/SPY correlation comes out at 0.18, weak. The past 12 months show a weaker link (-0.22) than the 3-year average (0.18). The 5-year figure is 0.32, and annualized covariance runs at 87.1 %².
Among the 36 assets we track against LYB, SPY ranks #25 by 3-year correlation. Twelve-month performance is nearly a tie, at +19.1% for LYB and +20.6% for SPY. This link changes with the market regime, having swung between -0.18 and 0.68 on a rolling one-year basis. Note the risk asymmetry: LYB runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
LYB vs SPY: side by side
| LYB (LyondellBasell) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.1% | +20.6% |
| 5-year return | -12.8% | +82.4% |
| Volatility (ann.) | 33.7% | 14.5% |
| Beta vs S&P 500 | 0.42 | 1.00 |
| Max drawdown (3Y) | -55.4% | -18.8% |
| Market cap | $20.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.58% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | LYB | SPY |
|---|---|---|
| 2022 | -1.0% | -18.2% |
| 2023 | +20.7% | +26.2% |
| 2024 | -17.4% | +24.9% |
| 2025 | -36.0% | +17.7% |
| 2026 | +50.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LYB and SPY good diversifiers for each other?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between LYB and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with -0.22 over the last year and 0.32 over 5 years.
Is SPY a good diversifier for LYB?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.18 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/lyb-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/lyb-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: LYB correlations · SPY correlations
