QUAD vs SPY: Correlation
How closely do Quad Graphics, Inc (QUAD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are QUAD and SPY?
Over the past 3 years, QUAD and SPY moved with a correlation of 0.28, which is weak. The past 12 months show a weaker link (0.13) than the 3-year average (0.28). Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 199.9 %².
Within QUAD's tracked universe of 13 assets, SPY comes in at #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months QUAD outperformed by 44.7 percentage points (+65.3% for QUAD against +20.6% for SPY). Risk is not evenly split, since QUAD carries 3.5 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.
QUAD vs SPY: side by side
| QUAD (Quad Graphics, Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +65.3% | +20.6% |
| 5-year return | +175.4% | +82.4% |
| Volatility (ann.) | 50.1% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -45.3% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 15.3 | – |
| Dividend yield | 3.50% | 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 | QUAD | SPY |
|---|---|---|
| 2022 | +2.0% | -18.2% |
| 2023 | +32.8% | +26.2% |
| 2024 | +33.6% | +24.9% |
| 2025 | -5.3% | +17.7% |
| 2026 | +66.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are QUAD and SPY good diversifiers for each other?
Reasonably. At 0.28, QUAD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between QUAD and SPY?
As of 2026-08-27, the correlation of weekly returns between QUAD and SPY is 0.28 over 3 years, 0.13 over 1 year and 0.28 over 5 years.
Is SPY a good diversifier for QUAD?
Reasonably. At 0.28, QUAD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.28 mean?
A reading of 0.28 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: QUAD correlations · SPY correlations
