CAVA vs SPY: Correlation
Measured on weekly returns over the past three years, CAVA Group, Inc. (CAVA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CAVA and SPY?
On 3 years of weekly data the CAVA/SPY correlation comes out at 0.43, moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.43). The 5-year figure is n/a, and annualized covariance runs at 371.6 %².
Among the 13 assets we track against CAVA, SPY ranks #8 by 3-year correlation. The last year tells two different stories: SPY led by 21.8 percentage points, -1.2% for CAVA against +20.6% for SPY. Risk is not evenly split, since CAVA carries 4.1 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.
CAVA vs SPY: side by side
| CAVA (CAVA Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.2% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 59.9% | 14.5% |
| Beta vs S&P 500 | 1.78 | 1.00 |
| Max drawdown (3Y) | -71.1% | -18.8% |
| Market cap | $7.8B | – |
| P/E (trailing) | 119.6 | – |
| 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 | CAVA | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +162.4% | +24.9% |
| 2025 | -48.0% | +17.7% |
| 2026 | +14.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CAVA and SPY good diversifiers for each other?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CAVA and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.20 over the last year and n/a over 5 years.
Is SPY a good diversifier for CAVA?
A fair diversifier. At 0.43, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.43 mean?
A reading of 0.43 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cava-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cava-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CAVA correlations · SPY correlations
