CCIF vs SPY: Correlation
How closely do Carlyle Credit Income Fund Shares of Beneficial Interest (CCIF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCIF and SPY?
Across a 3-year window, the weekly returns of CCIF and SPY correlate at 0.30, moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. Stretching to 5 years gives 0.27, with an annualized covariance of 90.0 %².
Among the 10 assets we track against CCIF, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 60.5 percentage points (-39.9% for CCIF against +20.6% for SPY).
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.
CCIF vs SPY: side by side
| CCIF (Carlyle Credit Income Fund Shares of Beneficial Interest) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -39.9% | +20.6% |
| 5-year return | -39.0% | +82.4% |
| Volatility (ann.) | 20.9% | 14.5% |
| Beta vs S&P 500 | 0.43 | 1.00 |
| Max drawdown (3Y) | -55.6% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| 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 | CCIF | SPY |
|---|---|---|
| 2022 | -6.4% | -18.2% |
| 2023 | +14.5% | +26.2% |
| 2024 | +16.4% | +24.9% |
| 2025 | -27.6% | +17.7% |
| 2026 | -32.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCIF and SPY good diversifiers for each other?
Reasonably. At 0.30, CCIF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CCIF and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.38 over the last year and 0.27 over 5 years.
Is SPY a good diversifier for CCIF?
Reasonably. At 0.30, CCIF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 mean?
On the −1 to +1 scale, 0.30 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: CCIF correlations · SPY correlations
