CBZ vs SPY: Correlation
Measured on weekly returns over the past three years, CBIZ, Inc. (CBZ) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CBZ and SPY?
Across a 3-year window, the weekly returns of CBZ and SPY correlate at 0.33, moderate. Recent behaviour matches the longer record: 0.24 over 1 year against 0.33 over 3. Stretching to 5 years gives 0.39, with an annualized covariance of 212.6 %².
Within CBZ's tracked universe of 20 assets, SPY comes in at #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 37.5 percentage points (-16.9% for CBZ against +20.6% for SPY). Note the risk asymmetry: CBZ runs 3.1 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.
CBZ vs SPY: side by side
| CBZ (CBIZ, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -16.9% | +20.6% |
| 5-year return | +61.7% | +82.4% |
| Volatility (ann.) | 44.6% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -71.6% | -18.8% |
| Market cap | $3.0B | – |
| P/E (trailing) | 26.3 | – |
| Dividend yield | 0.00% | 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 | CBZ | SPY |
|---|---|---|
| 2022 | +19.8% | -18.2% |
| 2023 | +33.6% | +26.2% |
| 2024 | +30.7% | +24.9% |
| 2025 | -38.3% | +17.7% |
| 2026 | +8.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CBZ and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CBZ and SPY?
As of 2026-08-27, the correlation of weekly returns between CBZ and SPY is 0.33 over 3 years, 0.24 over 1 year and 0.39 over 5 years.
Is SPY a good diversifier for CBZ?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
On the −1 to +1 scale, 0.33 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: CBZ correlations · SPY correlations
