CIGI vs SPY: Correlation
How closely do Colliers International Group Inc. - Subordinate Voting (CIGI) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CIGI and SPY?
On 3 years of weekly data the CIGI/SPY correlation comes out at 0.46, moderate. The relationship has been stable: the 1-year correlation (0.42) sits close to the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 204.4 %².
Among the 14 assets we track against CIGI, SPY sits near the bottom by co-movement, at rank #10. The last year tells two different stories: SPY led by 58.5 percentage points, -37.9% for CIGI against +20.6% for SPY. Note the risk asymmetry: CIGI runs 2.1 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.
CIGI vs SPY: side by side
| CIGI (Colliers International Group Inc. - Subordinate Voting) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -37.9% | +20.6% |
| 5-year return | -24.2% | +82.4% |
| Volatility (ann.) | 30.6% | 14.5% |
| Beta vs S&P 500 | 0.98 | 1.00 |
| Max drawdown (3Y) | -47.5% | -18.8% |
| Market cap | $5.3B | – |
| P/E (trailing) | 48.8 | – |
| Dividend yield | 0.29% | 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 | CIGI | SPY |
|---|---|---|
| 2022 | -37.9% | -18.2% |
| 2023 | +37.8% | +26.2% |
| 2024 | +7.7% | +24.9% |
| 2025 | +8.4% | +17.7% |
| 2026 | -29.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CIGI and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CIGI and SPY?
The CIGI/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.42, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CIGI?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 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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Hubs: CIGI correlations · SPY correlations
