CBOE vs SPY: Correlation
Measured on weekly returns over the past three years, Cboe Global Markets (CBOE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.05, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBOE and SPY?
On 3 years of weekly data the CBOE/SPY correlation comes out at 0.05, near zero, meaning they move largely independently. The link has tightened recently: the 1-year correlation (0.21) runs above the 3-year figure (0.05). The 5-year figure is 0.18, and annualized covariance runs at 18.5 %².
Within CBOE's tracked universe of 39 assets, SPY comes in at #19 by 3-year correlation. Over the last 12 months CBOE came out ahead by 11.9 percentage points (+32.5% against +20.6%). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.23 to 0.36. Risk is not evenly split, since CBOE carries 1.8 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.
CBOE vs SPY: side by side
| CBOE (Cboe Global Markets) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.5% | +20.6% |
| 5-year return | +168.0% | +82.4% |
| Volatility (ann.) | 26.1% | 14.5% |
| Beta vs S&P 500 | 0.09 | 1.00 |
| Max drawdown (3Y) | -36.7% | -18.8% |
| Market cap | $32.8B | – |
| P/E (trailing) | 24.5 | – |
| Dividend yield | 0.92% | 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 | CBOE | SPY |
|---|---|---|
| 2022 | -2.2% | -18.2% |
| 2023 | +44.4% | +26.2% |
| 2024 | +10.7% | +24.9% |
| 2025 | +29.2% | +17.7% |
| 2026 | +25.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBOE and SPY good diversifiers for each other?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CBOE and SPY?
The CBOE/SPY correlation stands at 0.05 on a 3-year window (1 year: 0.21, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CBOE?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.05 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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Hubs: CBOE correlations · SPY correlations
