CBRE vs SPY: Correlation
Measured on weekly returns over the past three years, CBRE Group (CBRE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBRE and SPY?
On 3 years of weekly data the CBRE/SPY correlation comes out at 0.50, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.50 over 3 years. The 5-year figure is 0.57, and annualized covariance runs at 218.0 %².
Among the 41 assets we track against CBRE, SPY ranks #27 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 30.3 percentage points (-9.7% for CBRE against +20.6% for SPY). The rolling one-year correlation moved between 0.31 and 0.71 over the past three years, a moderate range. Risk is not evenly split, since CBRE carries 2.1 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.
CBRE vs SPY: side by side
| CBRE (CBRE Group) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -9.7% | +20.6% |
| 5-year return | +53.3% | +82.4% |
| Volatility (ann.) | 30.4% | 14.5% |
| Beta vs S&P 500 | 1.04 | 1.00 |
| Max drawdown (3Y) | -27.4% | -18.8% |
| Market cap | $42.6B | – |
| P/E (trailing) | 34.4 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | CBRE | SPY |
|---|---|---|
| 2022 | -29.1% | -18.2% |
| 2023 | +21.0% | +26.2% |
| 2024 | +41.0% | +24.9% |
| 2025 | +22.5% | +17.7% |
| 2026 | -8.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CBRE represents 0.07% of SPY's portfolio, so part of any move in SPY is CBRE itself, and the correlation between them is partly mechanical.
Are CBRE and SPY good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CBRE and SPY?
The CBRE/SPY correlation stands at 0.50 on a 3-year window (1 year: 0.35, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CBRE?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 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: CBRE correlations · SPY correlations
