CFFI vs SPY: Correlation
C&F Financial Corporation (CFFI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFFI and SPY?
Over the past 3 years, CFFI and SPY moved with a correlation of 0.29, which is weak. The past 12 months show a weaker link (0.02) than the 3-year average (0.29). Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 153.2 %².
SPY is close to the least connected end of CFFI's tracked universe, ranking #10 of 14. The trailing year gives CFFI the advantage: +29.7% versus +20.6%, a 9.1-point spread. Risk is not evenly split, since CFFI carries 2.5 times the volatility of the other side.
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.
CFFI vs SPY: side by side
| CFFI (C&F Financial Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.7% | +20.6% |
| 5-year return | +96.2% | +82.4% |
| Volatility (ann.) | 36.7% | 14.5% |
| Beta vs S&P 500 | 0.73 | 1.00 |
| Max drawdown (3Y) | -50.7% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 10.1 | – |
| Dividend yield | 2.05% | 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 | CFFI | SPY |
|---|---|---|
| 2022 | +17.5% | -18.2% |
| 2023 | +20.7% | +26.2% |
| 2024 | +7.8% | +24.9% |
| 2025 | +4.6% | +17.7% |
| 2026 | +26.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFFI and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CFFI and SPY?
As of 2026-08-27, the correlation of weekly returns between CFFI and SPY is 0.29 over 3 years, 0.02 over 1 year and 0.21 over 5 years.
Is SPY a good diversifier for CFFI?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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: CFFI correlations · SPY correlations
