CAC vs SPY: Correlation
Measured on weekly returns over the past three years, Camden National Corporation (CAC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAC and SPY?
On 3 years of weekly data the CAC/SPY correlation comes out at 0.43, moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.43). The 5-year figure is 0.33, and annualized covariance runs at 182.0 %².
By 3-year correlation, SPY places #19 of the 24 assets tracked against CAC. Correlation aside, the last 12 months split them widely, with CAC ahead by 22.7 points (+43.3% versus +20.6%). One caveat on sizing: CAC is 2.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CAC vs SPY: side by side
| CAC (Camden National Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +43.3% | +20.6% |
| 5-year return | +51.3% | +82.4% |
| Volatility (ann.) | 29.0% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -26.0% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 10.9 | – |
| Dividend yield | 2.97% | 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 | CAC | SPY |
|---|---|---|
| 2022 | -10.3% | -18.2% |
| 2023 | -5.0% | +26.2% |
| 2024 | +19.1% | +24.9% |
| 2025 | +5.8% | +17.7% |
| 2026 | +34.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAC and SPY good diversifiers for each other?
Reasonably. At 0.43, CAC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CAC and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.16 over the last year and 0.33 over 5 years.
Is SPY a good diversifier for CAC?
Reasonably. At 0.43, CAC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
A reading of 0.43 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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Hubs: CAC correlations · SPY correlations
