CEVA vs SPY: Correlation
How closely do CEVA, Inc. (CEVA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEVA and SPY?
Over the past 3 years, CEVA and SPY moved with a correlation of 0.60, which is strong. Recent behaviour matches the longer record: 0.53 over 1 year against 0.60 over 3. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 494.4 %².
Among the 12 assets we track against CEVA, SPY ranks #6 by 3-year correlation. The trailing year gives CEVA the advantage: +25.8% versus +20.6%, a 5.2-point spread. Note the risk asymmetry: CEVA runs 4.0 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.
CEVA vs SPY: side by side
| CEVA (CEVA, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +25.8% | +20.6% |
| 5-year return | -40.9% | +82.4% |
| Volatility (ann.) | 57.4% | 14.5% |
| Beta vs S&P 500 | 2.37 | 1.00 |
| Max drawdown (3Y) | -55.2% | -18.8% |
| Market cap | $0.8B | – |
| 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 | CEVA | SPY |
|---|---|---|
| 2022 | -40.8% | -18.2% |
| 2023 | -11.2% | +26.2% |
| 2024 | +38.9% | +24.9% |
| 2025 | -31.8% | +17.7% |
| 2026 | +32.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEVA and SPY good diversifiers for each other?
Only partially. A correlation of 0.60 means CEVA and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CEVA and SPY?
As of 2026-08-27, the correlation of weekly returns between CEVA and SPY is 0.60 over 3 years, 0.53 over 1 year and 0.55 over 5 years.
Is SPY a good diversifier for CEVA?
Only partially. A correlation of 0.60 means CEVA and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
A reading of 0.60 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: CEVA correlations · SPY correlations
