CDE vs SPY: Correlation
Measured on weekly returns over the past three years, Coeur Mining, Inc. (CDE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDE and SPY?
Across a 3-year window, the weekly returns of CDE and SPY correlate at 0.38, moderate. Little has changed lately, as the 1-year reading of 0.46 lands near the 3-year figure. Stretching to 5 years gives 0.37, with an annualized covariance of 414.6 %².
Among the 10 assets we track against CDE, SPY sits near the bottom by co-movement, at rank #6. Correlation aside, the last 12 months split them widely, with CDE ahead by 57.7 points (+78.3% versus +20.6%). One caveat on sizing: CDE is 5.2 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.
CDE vs SPY: side by side
| CDE (Coeur Mining, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +78.3% | +20.6% |
| 5-year return | +222.7% | +82.4% |
| Volatility (ann.) | 74.8% | 14.5% |
| Beta vs S&P 500 | 1.98 | 1.00 |
| Max drawdown (3Y) | -47.8% | -18.8% |
| Market cap | $22.8B | – |
| P/E (trailing) | 18.7 | – |
| Dividend yield | 0.09% | 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 | CDE | SPY |
|---|---|---|
| 2022 | -33.3% | -18.2% |
| 2023 | -3.0% | +26.2% |
| 2024 | +75.5% | +24.9% |
| 2025 | +211.7% | +17.7% |
| 2026 | +24.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDE and SPY good diversifiers for each other?
Reasonably. At 0.38, CDE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CDE and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.46 over the last year and 0.37 over 5 years.
Is SPY a good diversifier for CDE?
Reasonably. At 0.38, CDE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
A reading of 0.38 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: CDE correlations · SPY correlations
