CHT vs SPY: Correlation
How closely do Chunghwa Telecom Co., Ltd. (CHT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHT and SPY?
Across a 3-year window, the weekly returns of CHT and SPY correlate at 0.25, weak. Lately the two have drifted apart, with the 1-year correlation at 0.07 versus 0.25 over 3 years. Stretching to 5 years gives 0.35, with an annualized covariance of 42.7 %².
Out of 11 assets tracked against CHT, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.0 percentage points (+1.6% for CHT against +20.6% for SPY).
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.
CHT vs SPY: side by side
| CHT (Chunghwa Telecom Co., Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.6% | +20.6% |
| 5-year return | +29.5% | +82.4% |
| Volatility (ann.) | 11.9% | 14.5% |
| Beta vs S&P 500 | 0.20 | 1.00 |
| Max drawdown (3Y) | -11.0% | -18.8% |
| Market cap | $33.3B | – |
| P/E (trailing) | 26.9 | – |
| Dividend yield | 12.12% | 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 | CHT | SPY |
|---|---|---|
| 2022 | -10.0% | -18.2% |
| 2023 | +11.1% | +26.2% |
| 2024 | +0.2% | +24.9% |
| 2025 | +14.9% | +17.7% |
| 2026 | +7.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHT and SPY good diversifiers for each other?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CHT and SPY?
As of 2026-08-27, the correlation of weekly returns between CHT and SPY is 0.25 over 3 years, 0.07 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for CHT?
A fair diversifier. At 0.25, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.25 mean?
A reading of 0.25 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: CHT correlations · SPY correlations
