CEE vs SPY: Correlation
How closely do The Central and Eastern Europe Fund, Inc. (The) (CEE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEE and SPY?
Across a 3-year window, the weekly returns of CEE and SPY correlate at 0.50, moderate. The relationship has been stable: the 1-year correlation (0.53) sits close to the 3-year figure. Stretching to 5 years gives 0.28, with an annualized covariance of 222.0 %².
Among the 12 assets we track against CEE, SPY ranks #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.8% for CEE and +20.6% for SPY. Risk is not evenly split, since CEE carries 2.1 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.
CEE vs SPY: side by side
| CEE (The Central and Eastern Europe Fund, Inc. (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +20.8% | +20.6% |
| 5-year return | -16.3% | +82.4% |
| Volatility (ann.) | 30.5% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -22.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 1.92% | 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 | CEE | SPY |
|---|---|---|
| 2022 | -67.8% | -18.2% |
| 2023 | +22.6% | +26.2% |
| 2024 | +15.5% | +24.9% |
| 2025 | +65.6% | +17.7% |
| 2026 | +12.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEE and SPY good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CEE and SPY?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.53 over the last year and 0.28 over 5 years.
Is SPY a good diversifier for CEE?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cee-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cee-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CEE correlations · SPY correlations
