CHCO vs SPY: Correlation
How closely do City Holding Company (CHCO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHCO and SPY?
Over the past 3 years, CHCO and SPY moved with a correlation of 0.31, which is moderate. The link has loosened recently: the 1-year correlation (0.01) runs below the 3-year figure (0.31). Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 93.2 %².
Among the 16 assets we track against CHCO, SPY sits near the bottom by co-movement, at rank #12. Over the last 12 months SPY came out ahead by 7.3 percentage points (+13.3% against +20.6%).
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.
CHCO vs SPY: side by side
| CHCO (City Holding Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.3% | +20.6% |
| 5-year return | +113.1% | +82.4% |
| Volatility (ann.) | 20.7% | 14.5% |
| Beta vs S&P 500 | 0.45 | 1.00 |
| Max drawdown (3Y) | -18.4% | -18.8% |
| Market cap | $2.0B | – |
| P/E (trailing) | 15.7 | – |
| Dividend yield | 2.41% | 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 | CHCO | SPY |
|---|---|---|
| 2022 | +17.3% | -18.2% |
| 2023 | +22.0% | +26.2% |
| 2024 | +10.4% | +24.9% |
| 2025 | +3.4% | +17.7% |
| 2026 | +22.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHCO and SPY good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CHCO and SPY?
The CHCO/SPY correlation stands at 0.31 on a 3-year window (1 year: 0.01, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CHCO?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 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: CHCO correlations · SPY correlations
