CAMT vs SPY: Correlation
How closely do Camtek Ltd. (CAMT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAMT and SPY?
Across a 3-year window, the weekly returns of CAMT and SPY correlate at 0.49, moderate. The past 12 months show a weaker link (0.38) than the 3-year average (0.49). Stretching to 5 years gives 0.52, with an annualized covariance of 407.5 %².
Out of 10 assets tracked against CAMT, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with CAMT ahead by 46.0 points (+66.6% versus +20.6%). One caveat on sizing: CAMT is 4.0 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.
CAMT vs SPY: side by side
| CAMT (Camtek Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +66.6% | +20.6% |
| 5-year return | +253.0% | +82.4% |
| Volatility (ann.) | 57.7% | 14.5% |
| Beta vs S&P 500 | 1.95 | 1.00 |
| Max drawdown (3Y) | -63.2% | -18.8% |
| Market cap | $6.8B | – |
| P/E (trailing) | 193.1 | – |
| 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 | CAMT | SPY |
|---|---|---|
| 2022 | -52.3% | -18.2% |
| 2023 | +215.9% | +26.2% |
| 2024 | +18.3% | +24.9% |
| 2025 | +31.7% | +17.7% |
| 2026 | +36.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAMT and SPY good diversifiers for each other?
Reasonably. At 0.49, CAMT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CAMT and SPY?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.38 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for CAMT?
Reasonably. At 0.49, CAMT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 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: CAMT correlations · SPY correlations
