CG vs SPY: Correlation
The Carlyle Group Inc. (CG) and SPDR S&P 500 ETF Trust (SPY) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CG and SPY?
Across a 3-year window, the weekly returns of CG and SPY correlate at 0.66, strong. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Stretching to 5 years gives 0.71, with an annualized covariance of 351.7 %².
Within CG's tracked universe of 21 assets, SPY comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 42.4 points (-21.8% versus +20.6%). One caveat on sizing: CG is 2.5 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.
CG vs SPY: side by side
| CG (The Carlyle Group Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -21.8% | +20.6% |
| 5-year return | +18.0% | +82.4% |
| Volatility (ann.) | 36.8% | 14.5% |
| Beta vs S&P 500 | 1.68 | 1.00 |
| Max drawdown (3Y) | -40.4% | -18.8% |
| Market cap | $17.5B | – |
| P/E (trailing) | 50.8 | – |
| Dividend yield | 2.86% | 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 | CG | SPY |
|---|---|---|
| 2022 | -43.8% | -18.2% |
| 2023 | +42.6% | +26.2% |
| 2024 | +28.1% | +24.9% |
| 2025 | +20.2% | +17.7% |
| 2026 | -14.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CG and SPY good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CG and SPY?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.60 over the last year and 0.71 over 5 years.
Is SPY a good diversifier for CG?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 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: CG correlations · SPY correlations
