CHRW vs SPY: Correlation
How closely do C.H. Robinson (CHRW) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHRW and SPY?
Over the past 3 years, CHRW and SPY moved with a correlation of 0.28, which is weak. Little has changed lately, as the 1-year reading of 0.31 lands near the 3-year figure. Over 5 years the correlation is 0.35, and the annualized covariance of weekly returns is 144.6 %².
Within CHRW's tracked universe of 31 assets, SPY comes in at #19 by 3-year correlation. Twelve-month performance is nearly a tie, at +19.9% for CHRW and +20.6% for SPY. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.05 to 0.54. One caveat on sizing: CHRW is 2.5 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.
CHRW vs SPY: side by side
| CHRW (C.H. Robinson) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +19.9% | +20.6% |
| 5-year return | +86.8% | +82.4% |
| Volatility (ann.) | 35.7% | 14.5% |
| Beta vs S&P 500 | 0.69 | 1.00 |
| Max drawdown (3Y) | -32.4% | -18.8% |
| Market cap | $17.7B | – |
| P/E (trailing) | 29.0 | – |
| Dividend yield | 1.65% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | CHRW | SPY |
|---|---|---|
| 2022 | -13.1% | -18.2% |
| 2023 | -3.1% | +26.2% |
| 2024 | +22.9% | +24.9% |
| 2025 | +59.0% | +17.7% |
| 2026 | -5.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHRW and SPY good diversifiers for each other?
Reasonably. At 0.28, CHRW and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CHRW and SPY?
The CHRW/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.31, 5 years: 0.35), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CHRW?
Reasonably. At 0.28, CHRW and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.28 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: CHRW correlations · SPY correlations
