CFFN vs SPY: Correlation
How closely do Capitol Federal Financial, Inc. (CFFN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CFFN and SPY?
Across a 3-year window, the weekly returns of CFFN and SPY correlate at 0.37, moderate. The past 12 months show a weaker link (0.22) than the 3-year average (0.37). Stretching to 5 years gives 0.34, with an annualized covariance of 163.9 %².
By 3-year correlation, SPY places #9 of the 14 assets tracked against CFFN. Correlation aside, the last 12 months split them widely, with CFFN ahead by 20.4 points (+41.0% versus +20.6%). One caveat on sizing: CFFN is 2.1 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.
CFFN vs SPY: side by side
| CFFN (Capitol Federal Financial, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +41.0% | +20.6% |
| 5-year return | +4.8% | +82.4% |
| Volatility (ann.) | 30.6% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -29.0% | -18.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 13.3 | – |
| Dividend yield | 3.93% | 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 | CFFN | SPY |
|---|---|---|
| 2022 | -16.3% | -18.2% |
| 2023 | -21.2% | +26.2% |
| 2024 | -2.9% | +24.9% |
| 2025 | +22.0% | +17.7% |
| 2026 | +31.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CFFN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CFFN and SPY?
As of 2026-08-27, the correlation of weekly returns between CFFN and SPY is 0.37 over 3 years, 0.22 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for CFFN?
Yes, to a useful degree: a correlation of 0.37 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.37 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: CFFN correlations · SPY correlations
