CASY vs SPY: Correlation
Measured on weekly returns over the past three years, Casey's (CASY) 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 CASY and SPY?
Over the past 3 years, CASY and SPY moved with a correlation of 0.19, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.04 versus 0.19 over 3 years. Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 81.5 %².
Among the 30 assets we track against CASY, SPY ranks #19 by 3-year correlation. The last year tells two different stories: CASY led by 33.1 percentage points, +53.7% for CASY against +20.6% for SPY. The rolling one-year correlation moved between 0.02 and 0.45 over the past three years, a moderate range. Risk is not evenly split, since CASY carries 2.0 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.
CASY vs SPY: side by side
| CASY (Casey's) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +53.7% | +20.6% |
| 5-year return | +284.3% | +82.4% |
| Volatility (ann.) | 28.9% | 14.5% |
| Beta vs S&P 500 | 0.39 | 1.00 |
| Max drawdown (3Y) | -16.6% | -18.8% |
| Market cap | $28.2B | – |
| P/E (trailing) | 42.2 | – |
| Dividend yield | 0.28% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | CASY | SPY |
|---|---|---|
| 2022 | +14.5% | -18.2% |
| 2023 | +23.3% | +26.2% |
| 2024 | +45.0% | +24.9% |
| 2025 | +40.1% | +17.7% |
| 2026 | +38.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CASY and SPY good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CASY and SPY?
As of 2026-08-27, the correlation of weekly returns between CASY and SPY is 0.19 over 3 years, 0.04 over 1 year and 0.33 over 5 years.
Is SPY a good diversifier for CASY?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 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: CASY correlations · SPY correlations
