CHEF vs SPY: Correlation
How closely do The Chefs' Warehouse, Inc. (CHEF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHEF and SPY?
Across a 3-year window, the weekly returns of CHEF and SPY correlate at 0.41, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.13 versus 0.41 over 3 years. Stretching to 5 years gives 0.45, with an annualized covariance of 257.9 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against CHEF. Their recent paths diverged sharply: over the last 12 months CHEF outperformed by 57.1 percentage points (+77.7% for CHEF against +20.6% for SPY). Note the risk asymmetry: CHEF runs 3.0 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.
CHEF vs SPY: side by side
| CHEF (The Chefs' Warehouse, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +77.7% | +20.6% |
| 5-year return | +273.0% | +82.4% |
| Volatility (ann.) | 44.0% | 14.5% |
| Beta vs S&P 500 | 1.23 | 1.00 |
| Max drawdown (3Y) | -37.8% | -18.8% |
| Market cap | $4.5B | – |
| P/E (trailing) | 53.2 | – |
| 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 | CHEF | SPY |
|---|---|---|
| 2022 | -0.1% | -18.2% |
| 2023 | -11.6% | +26.2% |
| 2024 | +67.6% | +24.9% |
| 2025 | +26.4% | +17.7% |
| 2026 | +78.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHEF and SPY good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CHEF and SPY?
As of 2026-08-27, the correlation of weekly returns between CHEF and SPY is 0.41 over 3 years, 0.13 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for CHEF?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CHEF correlations · SPY correlations
