CARR vs SPY: Correlation
Carrier Global (CARR) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARR and SPY?
Across a 3-year window, the weekly returns of CARR and SPY correlate at 0.53, moderate. The past 12 months show a weaker link (0.27) than the 3-year average (0.53). Stretching to 5 years gives 0.60, with an annualized covariance of 251.9 %².
By 3-year correlation, SPY places #16 of the 29 assets tracked against CARR. The last year tells two different stories: SPY led by 32.2 percentage points, -11.6% for CARR against +20.6% for SPY. On a rolling one-year basis the correlation drifted between 0.26 and 0.74, a moderate band. One caveat on sizing: CARR is 2.2 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.
CARR vs SPY: side by side
| CARR (Carrier Global) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -11.6% | +20.6% |
| 5-year return | +8.8% | +82.4% |
| Volatility (ann.) | 32.6% | 14.5% |
| Beta vs S&P 500 | 1.21 | 1.00 |
| Max drawdown (3Y) | -38.1% | -18.8% |
| Market cap | $48.5B | – |
| P/E (trailing) | 42.0 | – |
| Dividend yield | 1.61% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | CARR | SPY |
|---|---|---|
| 2022 | -22.7% | -18.2% |
| 2023 | +41.5% | +26.2% |
| 2024 | +20.3% | +24.9% |
| 2025 | -21.8% | +17.7% |
| 2026 | +12.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds CARR at a 0.07% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CARR and SPY good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CARR and SPY?
As of 2026-08-27, the correlation of weekly returns between CARR and SPY is 0.53 over 3 years, 0.27 over 1 year and 0.60 over 5 years.
Is SPY a good diversifier for CARR?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CARR correlations · SPY correlations
