CDLX vs SPY: Correlation
Measured on weekly returns over the past three years, Cardlytics, Inc. (CDLX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDLX and SPY?
Across a 3-year window, the weekly returns of CDLX and SPY correlate at 0.24, weak. Recent behaviour matches the longer record: 0.20 over 1 year against 0.24 over 3. Stretching to 5 years gives 0.33, with an annualized covariance of 473.6 %².
Out of 15 assets tracked against CDLX, SPY lands near the bottom at #11. The last year tells two different stories: SPY led by 81.7 percentage points, -61.1% for CDLX against +20.6% for SPY. Note the risk asymmetry: CDLX runs 9.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CDLX vs SPY: side by side
| CDLX (Cardlytics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -61.1% | +20.6% |
| 5-year return | -99.6% | +82.4% |
| Volatility (ann.) | 134.2% | 14.5% |
| Beta vs S&P 500 | 2.27 | 1.00 |
| Max drawdown (3Y) | -98.3% | -18.8% |
| Market cap | – | – |
| 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 | CDLX | SPY |
|---|---|---|
| 2022 | -91.3% | -18.2% |
| 2023 | +59.3% | +26.2% |
| 2024 | -59.7% | +24.9% |
| 2025 | -69.0% | +17.7% |
| 2026 | -65.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDLX and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CDLX and SPY?
The CDLX/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.20, 5 years: 0.33), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CDLX?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CDLX correlations · SPY correlations
