CBRL vs SPY: Correlation
How closely do Cracker Barrel Old Country Store, Inc. (CBRL) and SPDR S&P 500 ETF Trust (SPY) 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 CBRL and SPY?
Across a 3-year window, the weekly returns of CBRL and SPY correlate at 0.25, weak. Little has changed lately, as the 1-year reading of 0.19 lands near the 3-year figure. Stretching to 5 years gives 0.35, with an annualized covariance of 199.7 %².
Out of 14 assets tracked against CBRL, SPY lands near the bottom at #10. The last year tells two different stories: SPY led by 29.9 percentage points, -9.3% for CBRL against +20.6% for SPY. One caveat on sizing: CBRL is 3.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CBRL vs SPY: side by side
| CBRL (Cracker Barrel Old Country Store, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -9.3% | +20.6% |
| 5-year return | -52.2% | +82.4% |
| Volatility (ann.) | 55.0% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -68.0% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 51.0 | – |
| Dividend yield | 1.71% | 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 | CBRL | SPY |
|---|---|---|
| 2022 | -22.7% | -18.2% |
| 2023 | -14.0% | +26.2% |
| 2024 | -27.9% | +24.9% |
| 2025 | -50.9% | +17.7% |
| 2026 | +121.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBRL and SPY 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 CBRL and SPY?
Using weekly returns as of 2026-08-27: 0.25 over 3 years, with 0.19 over the last year and 0.35 over 5 years.
Is SPY a good diversifier for CBRL?
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: CBRL correlations · SPY correlations
