CCO vs SPY: Correlation
Clear Channel Outdoor Holdings, Inc. (CCO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.37.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCO and SPY?
Across a 3-year window, the weekly returns of CCO and SPY correlate at 0.37, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.37 over 3 years. Stretching to 5 years gives 0.39, with an annualized covariance of 261.2 %².
Among the 11 assets we track against CCO, SPY ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CCO ahead by 67.6 points (+88.2% versus +20.6%). One caveat on sizing: CCO is 3.3 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.
CCO vs SPY: side by side
| CCO (Clear Channel Outdoor Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +88.2% | +20.6% |
| 5-year return | -6.3% | +82.4% |
| Volatility (ann.) | 48.4% | 14.5% |
| Beta vs S&P 500 | 1.25 | 1.00 |
| Max drawdown (3Y) | -57.1% | -18.8% |
| Market cap | $1.2B | – |
| 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 | CCO | SPY |
|---|---|---|
| 2022 | -68.3% | -18.2% |
| 2023 | +73.3% | +26.2% |
| 2024 | -24.7% | +24.9% |
| 2025 | +61.3% | +17.7% |
| 2026 | +8.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCO and SPY good diversifiers for each other?
Reasonably. At 0.37, CCO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CCO and SPY?
As of 2026-08-27, the correlation of weekly returns between CCO and SPY is 0.37 over 3 years, 0.24 over 1 year and 0.39 over 5 years.
Is SPY a good diversifier for CCO?
Reasonably. At 0.37, CCO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 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: CCO correlations · SPY correlations
