CBOE vs SJM: Correlation
How closely do Cboe Global Markets (CBOE) and J.M. Smucker Company (The) (SJM) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and SJM?
Over the past 3 years, CBOE and SJM moved with a correlation of 0.25, which is weak. The relationship has been stable: the 1-year correlation (0.35) sits close to the 3-year figure. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 171.1 %².
By 3-year correlation, SJM places #15 of the 39 assets tracked against CBOE. Their 12-month results are close: +32.5% for CBOE against +29.9% for SJM. Across three years, the rolling one-year figure varied moderately, from 0.06 to 0.42.
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 SJM: side by side
| CBOE (Cboe Global Markets) | SJM (J.M. Smucker Company (The)) | |
|---|---|---|
| 1-year return | +32.5% | +29.9% |
| 5-year return | +168.0% | +28.2% |
| Volatility (ann.) | 26.1% | 26.0% |
| Beta vs S&P 500 | 0.09 | 0.21 |
| Max drawdown (3Y) | -36.7% | -32.5% |
| Market cap | $32.8B | $14.1B |
| P/E (trailing) | 24.5 | 61.3 |
| Dividend yield | 0.92% | 3.38% |
| Sector / category | Financials | Consumer Staples |
Year-by-year returns
| Year | CBOE | SJM |
|---|---|---|
| 2022 | -2.2% | +20.1% |
| 2023 | +44.4% | -17.8% |
| 2024 | +10.7% | -9.6% |
| 2025 | +29.2% | -7.6% |
| 2026 | +25.7% | +38.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and SJM good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CBOE and SJM?
The CBOE/SJM correlation stands at 0.25 on a 3-year window (1 year: 0.35, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SJM a good diversifier for CBOE?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 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: CBOE correlations · SJM correlations
