CGC vs SPY: Correlation
How closely do Canopy Growth Corporation (CGC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.20, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGC and SPY?
Across a 3-year window, the weekly returns of CGC and SPY correlate at 0.20, weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.20 over 3. Stretching to 5 years gives 0.26, with an annualized covariance of 380.2 %².
Among the 17 assets we track against CGC, SPY sits near the bottom by co-movement, at rank #13. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 53.7 percentage points (-33.1% for CGC against +20.6% for SPY). One caveat on sizing: CGC is 9.2 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.
CGC vs SPY: side by side
| CGC (Canopy Growth Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -33.1% | +20.6% |
| 5-year return | -99.4% | +82.4% |
| Volatility (ann.) | 133.1% | 14.5% |
| Beta vs S&P 500 | 1.82 | 1.00 |
| Max drawdown (3Y) | -95.1% | -18.8% |
| Market cap | $0.5B | – |
| 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 | CGC | SPY |
|---|---|---|
| 2022 | -73.5% | -18.2% |
| 2023 | -77.9% | +26.2% |
| 2024 | -46.4% | +24.9% |
| 2025 | -58.4% | +17.7% |
| 2026 | -11.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGC and SPY good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CGC and SPY?
As of 2026-08-27, the correlation of weekly returns between CGC and SPY is 0.20 over 3 years, 0.19 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for CGC?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 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: CGC correlations · SPY correlations
