CEG vs SPY: Correlation
Constellation Energy (CEG) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEG and SPY?
Across a 3-year window, the weekly returns of CEG and SPY correlate at 0.39, moderate. The past 12 months show a weaker link (0.18) than the 3-year average (0.39). Stretching to 5 years gives 0.40, with an annualized covariance of 296.7 %².
By 3-year correlation, SPY places #18 of the 32 assets tracked against CEG. The last year tells two different stories: SPY led by 30.7 percentage points, -10.1% for CEG against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between 0.09 and 0.64 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: CEG runs 3.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CEG vs SPY: side by side
| CEG (Constellation Energy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -10.1% | +20.6% |
| 5-year return | +598.5% | +82.4% |
| Volatility (ann.) | 52.1% | 14.5% |
| Beta vs S&P 500 | 1.42 | 1.00 |
| Max drawdown (3Y) | -50.7% | -18.8% |
| Market cap | $100.1B | – |
| P/E (trailing) | 27.3 | – |
| Dividend yield | 0.58% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | CEG | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +37.2% | +26.2% |
| 2024 | +92.7% | +24.9% |
| 2025 | +58.8% | +17.7% |
| 2026 | -19.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds CEG at a 0.14% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CEG and SPY good diversifiers for each other?
Reasonably. At 0.39, CEG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CEG and SPY?
The CEG/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.18, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CEG?
Reasonably. At 0.39, CEG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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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Hubs: CEG correlations · SPY correlations
