CANG vs SPY: Correlation
Measured on weekly returns over the past three years, Cango Inc. Class A (CANG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CANG and SPY?
Over the past 3 years, CANG and SPY moved with a correlation of 0.19, which is weak. The past 12 months show a tighter link (0.37) than the 3-year average (0.19). Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 238.3 %².
SPY is close to the least connected end of CANG's tracked universe, ranking #8 of 11. The last year tells two different stories: SPY led by 110.0 percentage points, -89.4% for CANG against +20.6% for SPY. Risk is not evenly split, since CANG carries 5.8 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.
CANG vs SPY: side by side
| CANG (Cango Inc. Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -89.4% | +20.6% |
| 5-year return | -60.9% | +82.4% |
| Volatility (ann.) | 84.7% | 14.5% |
| Beta vs S&P 500 | 1.14 | 1.00 |
| Max drawdown (3Y) | -96.5% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| 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 | CANG | SPY |
|---|---|---|
| 2022 | +36.2% | -18.2% |
| 2023 | -22.1% | +26.2% |
| 2024 | +331.4% | +24.9% |
| 2025 | -31.8% | +17.7% |
| 2026 | -82.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CANG and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between CANG and SPY?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.37 over the last year and 0.12 over 5 years.
Is SPY a good diversifier for CANG?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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: CANG correlations · SPY correlations
