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 11.80%/yr vs 15.07%/yr for SPY. Their 0.56 correlation means they have sometimes moved together and sometimes differently.
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 10.29% return and SPY slightly lower at 10.13%. Over the past 10 years, L has underperformed SPY with an annualized return of 11.80%, while SPY has yielded a comparatively higher 15.07% annualized return.
L
- 1D
- -0.31%
- 1M
- -0.44%
- 6M
- 10.02%
- YTD
- 10.29%
- 1Y
- 28.79%
- 3Y*
- 22.96%
- 5Y*
- 17.09%
- 10Y*
- 11.80%
- ALL TIME*
- 8.92%
SPY
- 1D
- 0.72%
- 1M
- 0.30%
- 6M
- 8.53%
- YTD
- 10.13%
- 1Y
- 21.49%
- 3Y*
- 19.32%
- 5Y*
- 12.76%
- 10Y*
- 15.07%
- ALL TIME*
- 10.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $90.39M | $92.05M | $97.90M | |
| $37.27B | $35.99B | $39.23B |
L vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
L Loews Corporation | 10.29% | 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 | 10.13% | 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 0.04, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.04 |
Correlation (3Y) Balances recent behavior with more history. | 0.25 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.43 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.52 |
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 0.04 - 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 | +0.22 | ||
| Sortino ratioReturn per unit of downside risk | +0.20 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.27 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 3.57 | 2.20 | +1.37 |
| Martin ratioReturn relative to average drawdown | 8.98 | 9.40 | -0.42 |
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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 | -2.84% | -1.40% | -1.44% |
Average DrawdownAverage peak-to-trough decline | -16.69% | -9.01% | -7.68% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.18% | 2.08% | +1.10% |
Volatility
L vs. SPY - Volatility Comparison
Loews Corporation (L) has a higher volatility of 5.28% compared to State Street SPDR S&P 500 ETF (SPY) at 3.58%. 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 | 5.28% | 3.58% | +1.70% |
Volatility (6M)Calculated over the trailing 6-month period | 13.18% | 10.14% | +3.04% |
Volatility (1Y)Calculated over the trailing 1-year period | 16.39% | 12.89% | +3.50% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.35% | 17.18% | +2.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.61% | 17.95% | +7.66% |
Dividends
L vs. SPY - Dividend Comparison
L's dividend yield for the trailing twelve months is around 0.22%, less than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
L Loews Corporation | 0.22% | 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 | 1.01% | 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 0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
L has higher volatility (5.28%) compared to SPY (3.58%). In terms of maximum drawdown, L dropped -65.58% vs SPY's -55.19%.
L currently has the higher Sharpe Ratio (1.74 vs 1.52), 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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