CBSH vs SPY: Correlation
Measured on weekly returns over the past three years, Commerce Bancshares, Inc. (CBSH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBSH and SPY?
Across a 3-year window, the weekly returns of CBSH and SPY correlate at 0.40, moderate. The link has loosened recently: the 1-year correlation (0.06) runs below the 3-year figure (0.40). Stretching to 5 years gives 0.44, with an annualized covariance of 133.1 %².
Out of 13 assets tracked against CBSH, SPY lands near the bottom at #9. The last year tells two different stories: SPY led by 21.6 percentage points, -1.0% for CBSH against +20.6% for SPY. Note the risk asymmetry: CBSH runs 1.6 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.
CBSH vs SPY: side by side
| CBSH (Commerce Bancshares, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.0% | +20.6% |
| 5-year return | +10.0% | +82.4% |
| Volatility (ann.) | 22.8% | 14.5% |
| Beta vs S&P 500 | 0.64 | 1.00 |
| Max drawdown (3Y) | -27.6% | -18.8% |
| Market cap | $8.3B | – |
| P/E (trailing) | 14.3 | – |
| Dividend yield | 1.84% | 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 | CBSH | SPY |
|---|---|---|
| 2022 | +0.5% | -18.2% |
| 2023 | -15.9% | +26.2% |
| 2024 | +24.7% | +24.9% |
| 2025 | -10.2% | +17.7% |
| 2026 | +12.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBSH and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CBSH and SPY?
As of 2026-08-27, the correlation of weekly returns between CBSH and SPY is 0.40 over 3 years, 0.06 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for CBSH?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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.
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Related comparisons
Hubs: CBSH correlations · SPY correlations
