CDZI vs SPY: Correlation
How closely do Cadiz, Inc. (CDZI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDZI and SPY?
Across a 3-year window, the weekly returns of CDZI and SPY correlate at 0.31, moderate. Recent behaviour matches the longer record: 0.26 over 1 year against 0.31 over 3. Stretching to 5 years gives 0.31, with an annualized covariance of 273.4 %².
Out of 10 assets tracked against CDZI, SPY lands near the bottom at #6. On 12-month performance SPY holds a 12.7-point edge, +7.9% against +20.6%. One caveat on sizing: CDZI is 4.2 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.
CDZI vs SPY: side by side
| CDZI (Cadiz, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.9% | +20.6% |
| 5-year return | -70.6% | +82.4% |
| Volatility (ann.) | 61.2% | 14.5% |
| Beta vs S&P 500 | 1.31 | 1.00 |
| Max drawdown (3Y) | -56.9% | -18.8% |
| Market cap | $0.3B | – |
| 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 | CDZI | SPY |
|---|---|---|
| 2022 | -35.2% | -18.2% |
| 2023 | +12.0% | +26.2% |
| 2024 | +85.7% | +24.9% |
| 2025 | +7.9% | +17.7% |
| 2026 | -29.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDZI and SPY good diversifiers for each other?
Reasonably. At 0.31, CDZI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CDZI and SPY?
The CDZI/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.26, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CDZI?
Reasonably. At 0.31, CDZI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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: CDZI correlations · SPY correlations
