CDNS vs SPYG: Correlation
How closely do Cadence Design Systems (CDNS) and SPDR Portfolio S&P 500 Growth ETF (SPYG) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDNS and SPYG?
Over the past 3 years, CDNS and SPYG moved with a correlation of 0.64, which is strong. The link has loosened recently: the 1-year correlation (0.51) runs below the 3-year figure (0.64). Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 432.4 %².
By 3-year correlation, SPYG places #5 of the 34 assets tracked against CDNS. Their recent paths diverged sharply: over the last 12 months SPYG outperformed by 22.2 percentage points (+0.2% for CDNS against +22.4% for SPYG). Across three years, the rolling one-year figure varied moderately, from 0.43 to 0.86. Risk is not evenly split, since CDNS carries 1.9 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.
CDNS vs SPYG: side by side
| CDNS (Cadence Design Systems) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +0.2% | +22.4% |
| 5-year return | +112.1% | +85.9% |
| Volatility (ann.) | 35.8% | 18.9% |
| Beta vs S&P 500 | 1.45 | 1.25 |
| Max drawdown (3Y) | -29.1% | -22.1% |
| Market cap | $95.7B | – |
| P/E (trailing) | 66.7 | – |
| Dividend yield | 0.00% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | Information Technology | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | CDNS | SPYG |
|---|---|---|
| 2022 | -13.8% | -29.4% |
| 2023 | +69.6% | +30.0% |
| 2024 | +10.3% | +36.0% |
| 2025 | +4.0% | +22.1% |
| 2026 | +11.2% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPYG holds CDNS at a 0.16% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CDNS and SPYG good diversifiers for each other?
Only partially. A correlation of 0.64 means CDNS and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CDNS and SPYG?
The CDNS/SPYG correlation stands at 0.64 on a 3-year window (1 year: 0.51, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for CDNS?
Only partially. A correlation of 0.64 means CDNS and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdns-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cdns-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CDNS correlations · SPYG correlations
