CDP vs SPY: Correlation
COPT Defense Properties (CDP) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDP and SPY?
Across a 3-year window, the weekly returns of CDP and SPY correlate at 0.23, weak. The link has loosened recently: the 1-year correlation (0.06) runs below the 3-year figure (0.23). Stretching to 5 years gives 0.33, with an annualized covariance of 67.8 %².
Out of 11 assets tracked against CDP, SPY lands near the bottom at #7. The trailing year gives CDP the advantage: +34.4% versus +20.6%, a 13.8-point spread.
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.
CDP vs SPY: side by side
| CDP (COPT Defense Properties) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +34.4% | +20.6% |
| 5-year return | +64.2% | +82.4% |
| Volatility (ann.) | 20.1% | 14.5% |
| Beta vs S&P 500 | 0.32 | 1.00 |
| Max drawdown (3Y) | -23.7% | -18.8% |
| Market cap | $4.3B | – |
| P/E (trailing) | 25.9 | – |
| Dividend yield | 3.35% | 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 | CDP | SPY |
|---|---|---|
| 2022 | -3.3% | -18.2% |
| 2023 | +3.7% | +26.2% |
| 2024 | +26.2% | +24.9% |
| 2025 | -6.2% | +17.7% |
| 2026 | +36.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDP and SPY good diversifiers for each other?
Reasonably. At 0.23, CDP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CDP and SPY?
Using weekly returns as of 2026-08-27: 0.23 over 3 years, with 0.06 over the last year and 0.33 over 5 years.
Is SPY a good diversifier for CDP?
Reasonably. At 0.23, CDP and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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: CDP correlations · SPY correlations
