CHDN vs SPY: Correlation
Measured on weekly returns over the past three years, Churchill Downs, Incorporated (CHDN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHDN and SPY?
Across a 3-year window, the weekly returns of CHDN and SPY correlate at 0.38, moderate. The past 12 months show a weaker link (0.19) than the 3-year average (0.38). Stretching to 5 years gives 0.47, with an annualized covariance of 149.9 %².
Out of 11 assets tracked against CHDN, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 38.8 points (-18.2% versus +20.6%). Note the risk asymmetry: CHDN runs 1.9 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.
CHDN vs SPY: side by side
| CHDN (Churchill Downs, Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -18.2% | +20.6% |
| 5-year return | -16.1% | +82.4% |
| Volatility (ann.) | 27.4% | 14.5% |
| Beta vs S&P 500 | 0.72 | 1.00 |
| Max drawdown (3Y) | -43.9% | -18.8% |
| Market cap | $6.0B | – |
| P/E (trailing) | 14.9 | – |
| Dividend yield | 0.50% | 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 | CHDN | SPY |
|---|---|---|
| 2022 | -12.0% | -18.2% |
| 2023 | +28.1% | +26.2% |
| 2024 | -0.7% | +24.9% |
| 2025 | -14.5% | +17.7% |
| 2026 | -24.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHDN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CHDN and SPY?
As of 2026-08-27, the correlation of weekly returns between CHDN and SPY is 0.38 over 3 years, 0.19 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for CHDN?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 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: CHDN correlations · SPY correlations
