CBL vs SPY: Correlation
How closely do CBL & Associates Properties, Inc. (CBL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBL and SPY?
Across a 3-year window, the weekly returns of CBL and SPY correlate at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.36 over 3 years. Stretching to 5 years gives 0.44, with an annualized covariance of 137.2 %².
Among the 10 assets we track against CBL, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: CBL led by 64.6 percentage points, +85.2% for CBL against +20.6% for SPY. Note the risk asymmetry: CBL runs 1.8 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.
CBL vs SPY: side by side
| CBL (CBL & Associates Properties, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +85.2% | +20.6% |
| 5-year return | +159.7% | +82.4% |
| Volatility (ann.) | 26.3% | 14.5% |
| Beta vs S&P 500 | 0.66 | 1.00 |
| Max drawdown (3Y) | -29.1% | -18.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | 7.9 | – |
| Dividend yield | 3.27% | 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 | CBL | SPY |
|---|---|---|
| 2022 | -18.0% | -18.2% |
| 2023 | +13.0% | +26.2% |
| 2024 | +28.5% | +24.9% |
| 2025 | +37.2% | +17.7% |
| 2026 | +52.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBL and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CBL and SPY?
As of 2026-08-27, the correlation of weekly returns between CBL and SPY is 0.36 over 3 years, 0.09 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for CBL?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 mean?
A reading of 0.36 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CBL correlations · SPY correlations
