CD vs SPY: Correlation
Measured on weekly returns over the past three years, Chaince Digital Holdings Inc. - American (CD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CD and SPY?
Over the past 3 years, CD and SPY moved with a correlation of 0.08, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: 0.13 over 1 year against 0.08 over 3. Over 5 years the correlation is 0.07, and the annualized covariance of weekly returns is 213.2 %².
Among the 15 assets we track against CD, SPY ranks #10 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 60.4 points (-39.8% versus +20.6%). Risk is not evenly split, since CD carries 13.1 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.
CD vs SPY: side by side
| CD (Chaince Digital Holdings Inc. - American) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -39.8% | +20.6% |
| 5-year return | +1.2% | +82.4% |
| Volatility (ann.) | 189.9% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -92.6% | -18.8% |
| Market cap | $0.4B | – |
| 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 | CD | SPY |
|---|---|---|
| 2022 | -64.8% | -18.2% |
| 2023 | +109.5% | +26.2% |
| 2024 | +162.7% | +24.9% |
| 2025 | -27.2% | +17.7% |
| 2026 | -31.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CD and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
FAQ
What is the correlation between CD and SPY?
Using weekly returns as of 2026-08-27: 0.08 over 3 years, with 0.13 over the last year and 0.07 over 5 years.
Is SPY a good diversifier for CD?
By historical standards, yes. A correlation of 0.08 means the two rarely move for the same reasons.
What does a correlation of 0.08 mean?
A reading of 0.08 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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