CENX vs SPY: Correlation
Measured on weekly returns over the past three years, Century Aluminum Company (CENX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CENX and SPY?
On 3 years of weekly data the CENX/SPY correlation comes out at 0.46, moderate. The past 12 months show a weaker link (0.35) than the 3-year average (0.46). The 5-year figure is 0.48, and annualized covariance runs at 443.4 %².
Within CENX's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CENX ahead by 81.6 points (+102.2% versus +20.6%). One caveat on sizing: CENX 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.
CENX vs SPY: side by side
| CENX (Century Aluminum Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +102.2% | +20.6% |
| 5-year return | +270.4% | +82.4% |
| Volatility (ann.) | 67.1% | 14.5% |
| Beta vs S&P 500 | 2.12 | 1.00 |
| Max drawdown (3Y) | -42.8% | -18.8% |
| Market cap | $4.5B | – |
| P/E (trailing) | 7.9 | – |
| 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 | CENX | SPY |
|---|---|---|
| 2022 | -50.6% | -18.2% |
| 2023 | +48.4% | +26.2% |
| 2024 | +50.1% | +24.9% |
| 2025 | +115.0% | +17.7% |
| 2026 | +17.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CENX and SPY good diversifiers for each other?
Reasonably. At 0.46, CENX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CENX and SPY?
As of 2026-08-27, the correlation of weekly returns between CENX and SPY is 0.46 over 3 years, 0.35 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for CENX?
Reasonably. At 0.46, CENX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CENX correlations · SPY correlations
