L vs. SPY
L (Loews Corporation) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, L returned 11.52%/yr vs 15.08%/yr for SPY. A 0.56 correlation means they provide meaningful diversification when combined.
Performance
L vs. SPY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with L having a 10.75% return and SPY slightly lower at 10.45%. Over the past 10 years, L has underperformed SPY with an annualized return of 11.52%, while SPY has yielded a comparatively higher 15.08% annualized return.
L
- 1D
- 1.31%
- 1M
- 7.75%
- 6M
- 11.59%
- YTD
- 10.75%
- 1Y
- 28.91%
- 3Y*
- 25.52%
- 5Y*
- 16.86%
- 10Y*
- 11.52%
SPY
- 1D
- -0.77%
- 1M
- 1.26%
- 6M
- 8.34%
- YTD
- 10.45%
- 1Y
- 21.46%
- 3Y*
- 20.07%
- 5Y*
- 12.94%
- 10Y*
- 15.08%
L vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
L Loews Corporation | 10.75% | 24.68% | 22.09% | 19.78% | 1.41% | 28.89% | -13.69% | 15.89% | -8.56% | 8.56% |
SPY State Street SPDR S&P 500 ETF | 10.45% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between L and SPY is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since Jan 29, 1993 | 0.56 |
Over the past year, the correlation between L and SPY has dropped to 0.08 - well below their long-term average of 0.56, suggesting their price drivers have been diverging.
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Return for Risk
L vs. SPY — Risk / Return Rank
L
SPY
L vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Loews Corporation (L) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| L | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.07 | ||
| Sortino ratioReturn per unit of downside risk | 0.00 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.31 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 3.63 | 2.43 | +1.21 |
| Martin ratioReturn relative to average drawdown | 9.18 | 10.57 | -1.40 |
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Drawdowns
L vs. SPY - Drawdown Comparison
The maximum L drawdown since its inception was -65.58%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for L and SPY.
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Drawdown Indicators
| L | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.58% | -55.19% | -10.39% |
Max Drawdown (1Y)Largest decline over 1 year | -7.99% | -8.88% | +0.89% |
Max Drawdown (3Y)Largest decline over 3 years | -12.16% | -18.76% | +6.60% |
Max Drawdown (5Y)Largest decline over 5 years | -26.11% | -24.50% | -1.61% |
Max Drawdown (10Y)Largest decline over 10 years | -48.53% | -33.72% | -14.81% |
Current DrawdownCurrent decline from peak | -0.38% | -1.12% | +0.74% |
Average DrawdownAverage peak-to-trough decline | -16.71% | -9.02% | -7.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.16% | 2.03% | +1.13% |
Volatility
L vs. SPY - Volatility Comparison
Loews Corporation (L) has a higher volatility of 4.72% compared to State Street SPDR S&P 500 ETF (SPY) at 4.26%. This indicates that L's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| L | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.72% | 4.26% | +0.46% |
Volatility (6M)Calculated over the trailing 6-month period | 12.85% | 10.01% | +2.84% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.33% | 12.60% | +3.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.45% | 17.17% | +2.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.60% | 17.93% | +7.67% |
Dividends
L vs. SPY - Dividend Comparison
L's dividend yield for the trailing twelve months is around 0.21%, less than SPY's 1.00% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
L Loews Corporation | 0.21% | 0.24% | 0.30% | 0.36% | 0.43% | 0.43% | 0.56% | 0.48% | 0.55% | 1.58% | 0.53% | 0.65% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
L and SPY have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
L has higher volatility (4.72%) compared to SPY (4.26%). In terms of maximum drawdown, L dropped -65.58% vs SPY's -55.19%.
L currently has the higher Sharpe Ratio (1.78 vs 1.71), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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