CALY vs SPY: Correlation
How closely do Callaway Golf Company (CALY) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CALY and SPY?
Over the past 3 years, CALY and SPY moved with a correlation of 0.29, which is weak. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 232.6 %².
Out of 16 assets tracked against CALY, SPY lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months CALY outperformed by 37.0 percentage points (+57.6% for CALY against +20.6% for SPY). Note the risk asymmetry: CALY runs 3.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CALY vs SPY: side by side
| CALY (Callaway Golf Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.6% | +20.6% |
| 5-year return | -45.7% | +82.4% |
| Volatility (ann.) | 55.5% | 14.5% |
| Beta vs S&P 500 | 1.11 | 1.00 |
| Max drawdown (3Y) | -68.1% | -18.8% |
| Market cap | $2.8B | – |
| P/E (trailing) | 36.8 | – |
| 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 | CALY | SPY |
|---|---|---|
| 2022 | -28.0% | -18.2% |
| 2023 | -27.4% | +26.2% |
| 2024 | -45.2% | +24.9% |
| 2025 | +48.5% | +17.7% |
| 2026 | +32.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CALY and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CALY and SPY?
As of 2026-08-27, the correlation of weekly returns between CALY and SPY is 0.29 over 3 years, 0.37 over 1 year and 0.37 over 5 years.
Is SPY a good diversifier for CALY?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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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Related comparisons
Hubs: CALY correlations · SPY correlations
