CDNA vs SPY: Correlation
CareDx, Inc. (CDNA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDNA and SPY?
On 3 years of weekly data the CDNA/SPY correlation comes out at 0.25, weak. The past 12 months show a weaker link (0.11) than the 3-year average (0.25). The 5-year figure is 0.30, and annualized covariance runs at 305.7 %².
SPY is close to the least connected end of CDNA's tracked universe, ranking #6 of 10. Correlation aside, the last 12 months split them widely, with CDNA ahead by 273.4 points (+294.0% versus +20.6%). Risk is not evenly split, since CDNA carries 5.8 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.
CDNA vs SPY: side by side
| CDNA (CareDx, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +294.0% | +20.6% |
| 5-year return | -35.0% | +82.4% |
| Volatility (ann.) | 83.5% | 14.5% |
| Beta vs S&P 500 | 1.46 | 1.00 |
| Max drawdown (3Y) | -66.0% | -18.8% |
| Market cap | $2.7B | – |
| P/E (trailing) | 24.5 | – |
| 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 | CDNA | SPY |
|---|---|---|
| 2022 | -74.9% | -18.2% |
| 2023 | +5.2% | +26.2% |
| 2024 | +78.4% | +24.9% |
| 2025 | -12.0% | +17.7% |
| 2026 | +177.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDNA and SPY good diversifiers for each other?
Reasonably. At 0.25, CDNA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CDNA and SPY?
As of 2026-08-27, the correlation of weekly returns between CDNA and SPY is 0.25 over 3 years, 0.11 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for CDNA?
Reasonably. At 0.25, CDNA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 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: CDNA correlations · SPY correlations
