CELH vs SPY: Correlation
Celsius Holdings, Inc. (CELH) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CELH and SPY?
Across a 3-year window, the weekly returns of CELH and SPY correlate at 0.24, weak. The past 12 months show a tighter link (0.38) than the 3-year average (0.24). Stretching to 5 years gives 0.36, with an annualized covariance of 232.0 %².
Among the 12 assets we track against CELH, SPY sits near the bottom by co-movement, at rank #9. Correlation aside, the last 12 months split them widely, with SPY ahead by 65.4 points (-44.8% versus +20.6%). One caveat on sizing: CELH is 4.6 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.
CELH vs SPY: side by side
| CELH (Celsius Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -44.8% | +20.6% |
| 5-year return | +24.3% | +82.4% |
| Volatility (ann.) | 66.5% | 14.5% |
| Beta vs S&P 500 | 1.11 | 1.00 |
| Max drawdown (3Y) | -77.9% | -18.8% |
| Market cap | $8.3B | – |
| P/E (trailing) | 143.4 | – |
| 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 | CELH | SPY |
|---|---|---|
| 2022 | +39.5% | -18.2% |
| 2023 | +57.2% | +26.2% |
| 2024 | -51.7% | +24.9% |
| 2025 | +73.7% | +17.7% |
| 2026 | -27.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CELH and SPY good diversifiers for each other?
Reasonably. At 0.24, CELH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CELH and SPY?
The CELH/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.38, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CELH?
Reasonably. At 0.24, CELH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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: CELH correlations · SPY correlations
