CARE vs SPY: Correlation
How closely do Carter Bankshares, Inc. (CARE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARE and SPY?
Over the past 3 years, CARE and SPY moved with a correlation of 0.30, which is moderate. The past 12 months show a weaker link (-0.12) than the 3-year average (0.30). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 133.6 %².
Among the 14 assets we track against CARE, SPY ranks #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months CARE outperformed by 45.1 percentage points (+65.7% for CARE against +20.6% for SPY). Note the risk asymmetry: CARE runs 2.1 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.
CARE vs SPY: side by side
| CARE (Carter Bankshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +65.7% | +20.6% |
| 5-year return | +167.6% | +82.4% |
| Volatility (ann.) | 30.7% | 14.5% |
| Beta vs S&P 500 | 0.64 | 1.00 |
| Max drawdown (3Y) | -31.7% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 5.5 | – |
| Dividend yield | 0.32% | 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 | CARE | SPY |
|---|---|---|
| 2022 | +7.8% | -18.2% |
| 2023 | -9.8% | +26.2% |
| 2024 | +17.5% | +24.9% |
| 2025 | +11.8% | +17.7% |
| 2026 | +64.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARE and SPY good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CARE and SPY?
As of 2026-08-27, the correlation of weekly returns between CARE and SPY is 0.30 over 3 years, -0.12 over 1 year and 0.33 over 5 years.
Is SPY a good diversifier for CARE?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
A reading of 0.30 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: CARE correlations · SPY correlations
