CIA vs SPY: Correlation
Measured on weekly returns over the past three years, Citizens, Inc. (CIA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CIA and SPY?
Over the past 3 years, CIA and SPY moved with a correlation of 0.24, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.01 versus 0.24 over 3 years. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 192.9 %².
Out of 10 assets tracked against CIA, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 48.7 percentage points (-28.1% for CIA against +20.6% for SPY). Risk is not evenly split, since CIA carries 3.8 times the volatility of the other side.
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.
CIA vs SPY: side by side
| CIA (Citizens, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -28.1% | +20.6% |
| 5-year return | -33.4% | +82.4% |
| Volatility (ann.) | 55.3% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -47.5% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 17.8 | – |
| 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 | CIA | SPY |
|---|---|---|
| 2022 | -59.9% | -18.2% |
| 2023 | +26.3% | +26.2% |
| 2024 | +49.1% | +24.9% |
| 2025 | +20.4% | +17.7% |
| 2026 | -18.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CIA and SPY good diversifiers for each other?
Reasonably. At 0.24, CIA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CIA and SPY?
The CIA/SPY correlation stands at 0.24 on a 3-year window (1 year: 0.01, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CIA?
Reasonably. At 0.24, CIA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.24 mean?
A reading of 0.24 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: CIA correlations · SPY correlations
