CCJ vs SPY: Correlation
How closely do Cameco Corporation (CCJ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCJ and SPY?
Across a 3-year window, the weekly returns of CCJ and SPY correlate at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 278.3 %².
SPY is close to the least connected end of CCJ's tracked universe, ranking #12 of 15. Their recent paths diverged sharply: over the last 12 months CCJ outperformed by 20.9 percentage points (+41.5% for CCJ against +20.6% for SPY). Risk is not evenly split, since CCJ carries 3.0 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.
CCJ vs SPY: side by side
| CCJ (Cameco Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +41.5% | +20.6% |
| 5-year return | +501.7% | +82.4% |
| Volatility (ann.) | 44.1% | 14.5% |
| Beta vs S&P 500 | 1.33 | 1.00 |
| Max drawdown (3Y) | -40.0% | -18.8% |
| Market cap | $46.3B | – |
| P/E (trailing) | 183.3 | – |
| Dividend yield | 0.22% | 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 | CCJ | SPY |
|---|---|---|
| 2022 | +4.3% | -18.2% |
| 2023 | +90.5% | +26.2% |
| 2024 | +19.5% | +24.9% |
| 2025 | +78.4% | +17.7% |
| 2026 | +16.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCJ and SPY good diversifiers for each other?
Reasonably. At 0.44, CCJ and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CCJ and SPY?
The CCJ/SPY correlation stands at 0.44 on a 3-year window (1 year: 0.45, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CCJ?
Reasonably. At 0.44, CCJ and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CCJ correlations · SPY correlations
