CALM vs SPY: Correlation
Measured on weekly returns over the past three years, Cal-Maine Foods, Inc. (CALM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.17, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALM and SPY?
Over the past 3 years, CALM and SPY moved with a correlation of 0.17, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.16 versus 0.17 over 3 years. Over 5 years the correlation is 0.20, and the annualized covariance of weekly returns is 74.1 %².
Among the 11 assets we track against CALM, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 50.3 points (-29.7% versus +20.6%). Risk is not evenly split, since CALM carries 2.1 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.
CALM vs SPY: side by side
| CALM (Cal-Maine Foods, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -29.7% | +20.6% |
| 5-year return | +187.0% | +82.4% |
| Volatility (ann.) | 30.5% | 14.5% |
| Beta vs S&P 500 | 0.35 | 1.00 |
| Max drawdown (3Y) | -37.0% | -18.8% |
| Market cap | $3.7B | – |
| P/E (trailing) | 12.5 | – |
| Dividend yield | 2.96% | 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 | CALM | SPY |
|---|---|---|
| 2022 | +51.9% | -18.2% |
| 2023 | +14.5% | +26.2% |
| 2024 | +87.0% | +24.9% |
| 2025 | -15.6% | +17.7% |
| 2026 | +1.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALM and SPY good diversifiers for each other?
Yes. With a correlation of 0.17, CALM and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CALM and SPY?
The CALM/SPY correlation stands at 0.17 on a 3-year window (1 year: -0.16, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CALM?
Yes. With a correlation of 0.17, CALM and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.17 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.
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Related comparisons
Hubs: CALM correlations · SPY correlations
