CAPS vs SPY: Correlation
How closely do Capstone Holding Corp. (CAPS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.15, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAPS and SPY?
Across a 3-year window, the weekly returns of CAPS and SPY correlate at 0.15, weak. Recent behaviour matches the longer record: 0.15 over 1 year against 0.15 over 3. Stretching to 5 years gives 0.07, with an annualized covariance of 172.0 %².
Among the 10 assets we track against CAPS, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with SPY ahead by 105.6 points (-85.0% versus +20.6%). Risk is not evenly split, since CAPS carries 5.6 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.
CAPS vs SPY: side by side
| CAPS (Capstone Holding Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -85.0% | +20.6% |
| 5-year return | -99.2% | +82.4% |
| Volatility (ann.) | 81.8% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -97.5% | -18.8% |
| Market cap | – | – |
| 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 | CAPS | SPY |
|---|---|---|
| 2022 | +114.5% | -18.2% |
| 2023 | -85.9% | +26.2% |
| 2024 | -56.9% | +24.9% |
| 2025 | -67.4% | +17.7% |
| 2026 | -74.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAPS and SPY good diversifiers for each other?
Yes. With a correlation of 0.15, CAPS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CAPS and SPY?
The CAPS/SPY correlation stands at 0.15 on a 3-year window (1 year: 0.15, 5 years: 0.07), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CAPS?
Yes. With a correlation of 0.15, CAPS and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 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: CAPS correlations · SPY correlations
