CCZ vs SPY: Correlation
Comcast Holdings ZONES (CCZ) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCZ and SPY?
On 3 years of weekly data the CCZ/SPY correlation comes out at 0.23, weak. The past 12 months show a weaker link (-0.05) than the 3-year average (0.23). The 5-year figure is 0.17, and annualized covariance runs at 74.0 %².
SPY is close to the least connected end of CCZ's tracked universe, ranking #7 of 10. Over the last 12 months SPY came out ahead by 8.2 percentage points (+12.4% against +20.6%). Risk is not evenly split, since CCZ carries 1.5 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.
CCZ vs SPY: side by side
| CCZ (Comcast Holdings ZONES) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +12.4% | +20.6% |
| 5-year return | +24.7% | +82.4% |
| Volatility (ann.) | 21.9% | 14.5% |
| Beta vs S&P 500 | 0.35 | 1.00 |
| Max drawdown (3Y) | -16.3% | -18.8% |
| Dividend yield | – | 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 | CCZ | SPY |
|---|---|---|
| 2022 | -8.9% | -18.2% |
| 2023 | +3.8% | +26.2% |
| 2024 | +10.6% | +24.9% |
| 2025 | +1.3% | +17.7% |
| 2026 | +12.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCZ and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CCZ and SPY?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with -0.05 over the last year and 0.17 over 5 years.
Is SPY a good diversifier for CCZ?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
A reading of 0.23 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: CCZ correlations · SPY correlations
