CION vs SPY: Correlation
Measured on weekly returns over the past three years, CION Investment Corporation (CION) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CION and SPY?
On 3 years of weekly data the CION/SPY correlation comes out at 0.41, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. The 5-year figure is 0.47, and annualized covariance runs at 179.4 %².
Among the 22 assets we track against CION, SPY ranks #15 by 3-year correlation. The last year tells two different stories: SPY led by 38.3 percentage points, -17.7% for CION against +20.6% for SPY. Note the risk asymmetry: CION 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.
CION vs SPY: side by side
| CION (CION Investment Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -17.7% | +20.6% |
| 5-year return | +26.2% | +82.4% |
| Volatility (ann.) | 30.2% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -40.3% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 123.5 | – |
| Dividend yield | 17.98% | 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 | CION | SPY |
|---|---|---|
| 2022 | -14.8% | -18.2% |
| 2023 | +35.4% | +26.2% |
| 2024 | +14.8% | +24.9% |
| 2025 | -2.3% | +17.7% |
| 2026 | -14.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CION and SPY good diversifiers for each other?
Reasonably. At 0.41, CION and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CION and SPY?
As of 2026-08-27, the correlation of weekly returns between CION and SPY is 0.41 over 3 years, 0.45 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for CION?
Reasonably. At 0.41, CION and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
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: CION correlations · SPY correlations
