CB vs SPY: Correlation
How closely do Chubb Limited (CB) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CB and SPY?
Over the past 3 years, CB and SPY moved with a correlation of 0.13, which is weak. The past 12 months show a weaker link (-0.12) than the 3-year average (0.13). Over 5 years the correlation is 0.33, and the annualized covariance of weekly returns is 34.5 %².
Within CB's tracked universe of 37 assets, SPY comes in at #25 by 3-year correlation. Twelve-month performance is nearly a tie, at +24.7% for CB and +20.6% for SPY. This link changes with the market regime, having swung between -0.13 and 0.39 on a rolling one-year basis.
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.
CB vs SPY: side by side
| CB (Chubb Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.7% | +20.6% |
| 5-year return | +96.8% | +82.4% |
| Volatility (ann.) | 17.7% | 14.5% |
| Beta vs S&P 500 | 0.17 | 1.00 |
| Max drawdown (3Y) | -14.4% | -18.8% |
| Market cap | $130.5B | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 1.14% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | CB | SPY |
|---|---|---|
| 2022 | +16.0% | -18.2% |
| 2023 | +4.2% | +26.2% |
| 2024 | +23.9% | +24.9% |
| 2025 | +13.7% | +17.7% |
| 2026 | +9.1% | +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 CB at a 0.19% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CB and SPY good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CB and SPY?
As of 2026-08-27, the correlation of weekly returns between CB and SPY is 0.13 over 3 years, -0.12 over 1 year and 0.33 over 5 years.
Is SPY a good diversifier for CB?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 mean?
On the −1 to +1 scale, 0.13 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: CB correlations · SPY correlations
