CALX vs SPY: Correlation
Measured on weekly returns over the past three years, Calix, Inc (CALX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALX and SPY?
Across a 3-year window, the weekly returns of CALX and SPY correlate at 0.39, moderate. The link has loosened recently: the 1-year correlation (0.28) runs below the 3-year figure (0.39). Stretching to 5 years gives 0.43, with an annualized covariance of 237.5 %².
Out of 10 assets tracked against CALX, SPY lands near the bottom at #6. The last year tells two different stories: SPY led by 57.1 percentage points, -36.5% for CALX against +20.6% for SPY. Risk is not evenly split, since CALX carries 2.9 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.
CALX vs SPY: side by side
| CALX (Calix, Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -36.5% | +20.6% |
| 5-year return | -20.0% | +82.4% |
| Volatility (ann.) | 42.1% | 14.5% |
| Beta vs S&P 500 | 1.14 | 1.00 |
| Max drawdown (3Y) | -48.6% | -18.8% |
| Market cap | $2.4B | – |
| P/E (trailing) | 50.3 | – |
| 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 | CALX | SPY |
|---|---|---|
| 2022 | -14.4% | -18.2% |
| 2023 | -36.2% | +26.2% |
| 2024 | -20.2% | +24.9% |
| 2025 | +51.8% | +17.7% |
| 2026 | -28.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CALX and SPY?
As of 2026-08-27, the correlation of weekly returns between CALX and SPY is 0.39 over 3 years, 0.28 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for CALX?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 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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Related comparisons
Hubs: CALX correlations · SPY correlations
