LZB vs SPY: Correlation
How closely do La-Z-Boy Incorporated (LZB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LZB and SPY?
Over the past 3 years, LZB and SPY moved with a correlation of 0.34, which is moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.34). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 163.7 %².
Among the 14 assets we track against LZB, SPY sits near the bottom by co-movement, at rank #10. The last year tells two different stories: SPY led by 29.5 percentage points, -8.9% for LZB against +20.6% for SPY. Note the risk asymmetry: LZB 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.
LZB vs SPY: side by side
| LZB (La-Z-Boy Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.9% | +20.6% |
| 5-year return | +3.8% | +82.4% |
| Volatility (ann.) | 33.7% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -37.9% | -18.8% |
| Market cap | $1.3B | – |
| P/E (trailing) | 16.4 | – |
| Dividend yield | 2.93% | 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 | LZB | SPY |
|---|---|---|
| 2022 | -35.5% | -18.2% |
| 2023 | +65.7% | +26.2% |
| 2024 | +20.4% | +24.9% |
| 2025 | -12.5% | +17.7% |
| 2026 | -11.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LZB and SPY good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between LZB and SPY?
As of 2026-08-27, the correlation of weekly returns between LZB and SPY is 0.34 over 3 years, 0.20 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for LZB?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 mean?
A reading of 0.34 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: LZB correlations · SPY correlations
