CCL vs SPY: Correlation
Carnival Corporation (CCL) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCL and SPY?
Across a 3-year window, the weekly returns of CCL and SPY correlate at 0.54, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.39 versus 0.54 over 3 years. Stretching to 5 years gives 0.58, with an annualized covariance of 360.3 %².
Within CCL's tracked universe of 40 assets, SPY comes in at #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 42.2 points (-21.6% versus +20.6%). On a rolling one-year basis the correlation drifted between 0.34 and 0.71, a moderate band. One caveat on sizing: CCL is 3.2 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.
CCL vs SPY: side by side
| CCL (Carnival Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -21.6% | +20.6% |
| 5-year return | +7.3% | +82.4% |
| Volatility (ann.) | 46.5% | 14.5% |
| Beta vs S&P 500 | 1.72 | 1.00 |
| Max drawdown (3Y) | -42.3% | -18.8% |
| Market cap | $34.2B | – |
| P/E (trailing) | 11.5 | – |
| Dividend yield | 1.17% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Discretionary | 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 | CCL | SPY |
|---|---|---|
| 2022 | -59.9% | -18.2% |
| 2023 | +130.0% | +26.2% |
| 2024 | +34.4% | +24.9% |
| 2025 | +22.6% | +17.7% |
| 2026 | -17.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCL and SPY good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CCL and SPY?
The CCL/SPY correlation stands at 0.54 on a 3-year window (1 year: 0.39, 5 years: 0.58), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CCL?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 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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Hubs: CCL correlations · SPY correlations
