CBOE vs SDA: Correlation
Measured on weekly returns over the past three years, Cboe Global Markets (CBOE) and SunCar Technology Group Inc. (SDA) carry a correlation of -0.29, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and SDA?
Over the past 3 years, CBOE and SDA moved with a correlation of -0.29, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.40) than the 3-year average (-0.29). Over 5 years the correlation is -0.23, and the annualized covariance of weekly returns is -625.7 %².
Within CBOE's tracked universe of 39 assets, SDA comes in at #34 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CBOE ahead by 103.2 points (+32.5% versus -70.7%). Note the risk asymmetry: SDA runs 3.2 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.
CBOE vs SDA: side by side
| CBOE (Cboe Global Markets) | SDA (SunCar Technology Group Inc.) | |
|---|---|---|
| 1-year return | +32.5% | -70.7% |
| 5-year return | +168.0% | -92.6% |
| Volatility (ann.) | 26.1% | 84.1% |
| Beta vs S&P 500 | 0.09 | 0.35 |
| Max drawdown (3Y) | -36.7% | -95.7% |
| Market cap | $32.8B | $0.1B |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.92% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | CBOE | SDA |
|---|---|---|
| 2022 | -2.2% | +4.3% |
| 2023 | +44.4% | -20.3% |
| 2024 | +10.7% | +17.0% |
| 2025 | +29.2% | -79.1% |
| 2026 | +25.7% | -63.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and SDA good diversifiers for each other?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CBOE and SDA?
As of 2026-08-27, the correlation of weekly returns between CBOE and SDA is -0.29 over 3 years, -0.40 over 1 year and -0.23 over 5 years.
Is SDA a good diversifier for CBOE?
Yes: at -0.29, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.29 mean?
On the −1 to +1 scale, -0.29 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cboe-vs-sda.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cboe-vs-sda/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CBOE correlations · SDA correlations
