CGNX vs SPY: Correlation
Measured on weekly returns over the past three years, Cognex Corporation (CGNX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGNX and SPY?
Over the past 3 years, CGNX and SPY moved with a correlation of 0.40, which is moderate. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.40). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 265.4 %².
Within CGNX's tracked universe of 16 assets, SPY comes in at #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CGNX ahead by 22.6 points (+43.2% versus +20.6%). Note the risk asymmetry: CGNX runs 3.1 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.
CGNX vs SPY: side by side
| CGNX (Cognex Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +43.2% | +20.6% |
| 5-year return | -27.4% | +82.4% |
| Volatility (ann.) | 45.5% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -55.7% | -18.8% |
| Market cap | $10.6B | – |
| P/E (trailing) | 59.4 | – |
| Dividend yield | 0.54% | 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 | CGNX | SPY |
|---|---|---|
| 2022 | -39.1% | -18.2% |
| 2023 | -10.8% | +26.2% |
| 2024 | -13.4% | +24.9% |
| 2025 | +1.2% | +17.7% |
| 2026 | +75.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGNX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CGNX and SPY?
As of 2026-08-27, the correlation of weekly returns between CGNX and SPY is 0.40 over 3 years, 0.30 over 1 year and 0.49 over 5 years.
Is SPY a good diversifier for CGNX?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cgnx-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgnx-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CGNX correlations · SPY correlations
