CARS vs SPY: Correlation
Cars.com Inc. (CARS) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CARS and SPY?
On 3 years of weekly data the CARS/SPY correlation comes out at 0.49, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. The 5-year figure is 0.43, and annualized covariance runs at 297.5 %².
Within CARS's tracked universe of 14 assets, SPY comes in at #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 31.2 points (-10.6% versus +20.6%). Note the risk asymmetry: CARS runs 2.9 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.
CARS vs SPY: side by side
| CARS (Cars.com Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.6% | +20.6% |
| 5-year return | -7.8% | +82.4% |
| Volatility (ann.) | 42.1% | 14.5% |
| Beta vs S&P 500 | 1.42 | 1.00 |
| Max drawdown (3Y) | -63.4% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 21.0 | – |
| 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 | CARS | SPY |
|---|---|---|
| 2022 | -14.4% | -18.2% |
| 2023 | +37.8% | +26.2% |
| 2024 | -8.6% | +24.9% |
| 2025 | -29.6% | +17.7% |
| 2026 | -3.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CARS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CARS and SPY?
The CARS/SPY correlation stands at 0.49 on a 3-year window (1 year: 0.42, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CARS?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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: CARS correlations · SPY correlations
