CCOI vs SPY: Correlation
How closely do Cogent Communications Holdings, Inc. (CCOI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCOI and SPY?
Across a 3-year window, the weekly returns of CCOI and SPY correlate at 0.13, weak. Recent behaviour matches the longer record: 0.14 over 1 year against 0.13 over 3. Stretching to 5 years gives 0.21, with an annualized covariance of 119.4 %².
By 3-year correlation, SPY places #7 of the 13 assets tracked against CCOI. The last year tells two different stories: SPY led by 94.9 percentage points, -74.3% for CCOI against +20.6% for SPY. One caveat on sizing: CCOI is 4.4 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.
CCOI vs SPY: side by side
| CCOI (Cogent Communications Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -74.3% | +20.6% |
| 5-year return | -83.0% | +82.4% |
| Volatility (ann.) | 63.2% | 14.5% |
| Beta vs S&P 500 | 0.57 | 1.00 |
| Max drawdown (3Y) | -88.3% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 10.70% | 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 | CCOI | SPY |
|---|---|---|
| 2022 | -17.2% | -18.2% |
| 2023 | +41.2% | +26.2% |
| 2024 | +7.2% | +24.9% |
| 2025 | -70.1% | +17.7% |
| 2026 | -55.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCOI and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
FAQ
What is the correlation between CCOI and SPY?
Using weekly returns as of 2026-08-27: 0.13 over 3 years, with 0.14 over the last year and 0.21 over 5 years.
Is SPY a good diversifier for CCOI?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
What does a correlation of 0.13 mean?
A reading of 0.13 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: CCOI correlations · SPY correlations
