CABO vs SPY: Correlation
Cable One, Inc. (CABO) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.08.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CABO and SPY?
Across a 3-year window, the weekly returns of CABO and SPY correlate at 0.08, near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.04 over 1 year against 0.08 over 3. Stretching to 5 years gives 0.21, with an annualized covariance of 81.4 %².
Among the 10 assets we track against CABO, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: SPY led by 106.8 percentage points, -86.2% for CABO against +20.6% for SPY. Risk is not evenly split, since CABO carries 4.6 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.
CABO vs SPY: side by side
| CABO (Cable One, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -86.2% | +20.6% |
| 5-year return | -98.8% | +82.4% |
| Volatility (ann.) | 66.3% | 14.5% |
| Beta vs S&P 500 | 0.39 | 1.00 |
| Max drawdown (3Y) | -96.5% | -18.8% |
| Market cap | $0.1B | – |
| 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 | CABO | SPY |
|---|---|---|
| 2022 | -59.2% | -18.2% |
| 2023 | -20.4% | +26.2% |
| 2024 | -33.0% | +24.9% |
| 2025 | -68.5% | +17.7% |
| 2026 | -80.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CABO and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between CABO and SPY?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with 0.04 over the last year and 0.21 over 5 years.
Is SPY a good diversifier for CABO?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
What does a correlation of 0.08 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cabo-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cabo-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CABO correlations · SPY correlations
