CFBK vs SPY: Correlation
Measured on weekly returns over the past three years, CF Bankshares Inc. (CFBK) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFBK and SPY?
Across a 3-year window, the weekly returns of CFBK and SPY correlate at 0.36, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.36 over 3 years. Stretching to 5 years gives 0.32, with an annualized covariance of 156.7 %².
Out of 12 assets tracked against CFBK, SPY lands near the bottom at #8. The last year tells two different stories: CFBK led by 21.9 percentage points, +42.5% for CFBK against +20.6% for SPY. Note the risk asymmetry: CFBK runs 2.1 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.
CFBK vs SPY: side by side
| CFBK (CF Bankshares Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +42.5% | +20.6% |
| 5-year return | +92.0% | +82.4% |
| Volatility (ann.) | 30.3% | 14.5% |
| Beta vs S&P 500 | 0.75 | 1.00 |
| Max drawdown (3Y) | -33.5% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 11.9 | – |
| Dividend yield | 0.98% | 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 | CFBK | SPY |
|---|---|---|
| 2022 | +4.1% | -18.2% |
| 2023 | -6.7% | +26.2% |
| 2024 | +32.6% | +24.9% |
| 2025 | -1.0% | +17.7% |
| 2026 | +39.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFBK and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CFBK and SPY?
As of 2026-08-27, the correlation of weekly returns between CFBK and SPY is 0.36 over 3 years, 0.09 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for CFBK?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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.
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Related comparisons
Hubs: CFBK correlations · SPY correlations
