CECO vs SPY: Correlation
Measured on weekly returns over the past three years, CECO Environmental Corp. (CECO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CECO and SPY?
Over the past 3 years, CECO and SPY moved with a correlation of 0.26, which is weak. The past 12 months show a weaker link (0.12) than the 3-year average (0.26). Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 203.3 %².
Out of 12 assets tracked against CECO, SPY lands near the bottom at #8. Their recent paths diverged sharply: over the last 12 months CECO outperformed by 33.5 percentage points (+54.1% for CECO against +20.6% for SPY). Risk is not evenly split, since CECO carries 3.7 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.
CECO vs SPY: side by side
| CECO (CECO Environmental Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +54.1% | +20.6% |
| 5-year return | +853.0% | +82.4% |
| Volatility (ann.) | 54.0% | 14.5% |
| Beta vs S&P 500 | 0.97 | 1.00 |
| Max drawdown (3Y) | -47.9% | -18.8% |
| Market cap | $4.2B | – |
| 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 | CECO | SPY |
|---|---|---|
| 2022 | +87.5% | -18.2% |
| 2023 | +73.6% | +26.2% |
| 2024 | +49.1% | +24.9% |
| 2025 | +98.0% | +17.7% |
| 2026 | +20.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CECO and SPY good diversifiers for each other?
Reasonably. At 0.26, CECO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CECO and SPY?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.12 over the last year and 0.30 over 5 years.
Is SPY a good diversifier for CECO?
Reasonably. At 0.26, CECO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.26 mean?
On the −1 to +1 scale, 0.26 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: CECO correlations · SPY correlations
