CAG vs SPY: Correlation
Measured on weekly returns over the past three years, ConAgra Brands, Inc. (CAG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of -0.03, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAG and SPY?
Over the past 3 years, CAG and SPY moved with a correlation of -0.03, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.06 lands near the 3-year figure. Over 5 years the correlation is 0.11, and the annualized covariance of weekly returns is -9.6 %².
Among the 34 assets we track against CAG, SPY ranks #19 by 3-year correlation. The last year tells two different stories: SPY led by 30.4 percentage points, -9.8% for CAG against +20.6% for SPY. Risk is not evenly split, since CAG carries 1.7 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.
CAG vs SPY: side by side
| CAG (ConAgra Brands, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -9.8% | +20.6% |
| 5-year return | -36.6% | +82.4% |
| Volatility (ann.) | 24.2% | 14.5% |
| Beta vs S&P 500 | -0.05 | 1.00 |
| Max drawdown (3Y) | -56.7% | -18.8% |
| Market cap | $7.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 8.65% | 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 | CAG | SPY |
|---|---|---|
| 2022 | +17.5% | -18.2% |
| 2023 | -22.8% | +26.2% |
| 2024 | +1.5% | +24.9% |
| 2025 | -33.3% | +17.7% |
| 2026 | -2.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAG and SPY good diversifiers for each other?
Yes: at -0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CAG and SPY?
The CAG/SPY correlation stands at -0.03 on a 3-year window (1 year: -0.06, 5 years: 0.11), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CAG?
Yes: at -0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.03 mean?
On the −1 to +1 scale, -0.03 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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