LZM vs SPY: Correlation
Measured on weekly returns over the past three years, Lifezone Metals Limited (LZM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are LZM and SPY?
On 3 years of weekly data the LZM/SPY correlation comes out at 0.31, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.56 versus 0.31 over 3 years. The 5-year figure is 0.20, and annualized covariance runs at 366.4 %².
Within LZM's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 23.9 percentage points (-3.3% for LZM against +20.6% for SPY). Risk is not evenly split, since LZM carries 5.6 times the volatility of the other side.
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.
LZM vs SPY: side by side
| LZM (Lifezone Metals Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.3% | +20.6% |
| 5-year return | -55.4% | +82.4% |
| Volatility (ann.) | 81.7% | 14.5% |
| Beta vs S&P 500 | 1.75 | 1.00 |
| Max drawdown (3Y) | -82.0% | -18.8% |
| Market cap | $0.4B | – |
| 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 | LZM | SPY |
|---|---|---|
| 2022 | +4.7% | -18.2% |
| 2023 | -12.9% | +26.2% |
| 2024 | -23.1% | +24.9% |
| 2025 | -38.6% | +17.7% |
| 2026 | +3.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are LZM and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between LZM and SPY?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.56 over the last year and 0.20 over 5 years.
Is SPY a good diversifier for LZM?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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: LZM correlations · SPY correlations
