CL vs SPY: Correlation
Colgate-Palmolive (CL) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.15.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CL and SPY?
Over the past 3 years, CL and SPY moved with a correlation of 0.15, which is weak. The relationship has been stable: the 1-year correlation (0.13) sits close to the 3-year figure. Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 36.3 %².
Within CL's tracked universe of 40 assets, SPY comes in at #29 by 3-year correlation. The trailing year gives SPY the advantage: +10.4% versus +20.6%, a 10.2-point spread. On a rolling one-year basis the correlation drifted between -0.01 and 0.43, a moderate band.
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.
CL vs SPY: side by side
| CL (Colgate-Palmolive) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.4% | +20.6% |
| 5-year return | +32.0% | +82.4% |
| Volatility (ann.) | 16.9% | 14.5% |
| Beta vs S&P 500 | 0.17 | 1.00 |
| Max drawdown (3Y) | -29.0% | -18.8% |
| Market cap | $72.5B | – |
| P/E (trailing) | 36.2 | – |
| Dividend yield | 2.27% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | CL | SPY |
|---|---|---|
| 2022 | -5.4% | -18.2% |
| 2023 | +3.8% | +26.2% |
| 2024 | +16.6% | +24.9% |
| 2025 | -11.0% | +17.7% |
| 2026 | +17.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds CL at a 0.11% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CL and SPY good diversifiers for each other?
Yes. With a correlation of 0.15, CL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CL and SPY?
The CL/SPY correlation stands at 0.15 on a 3-year window (1 year: 0.13, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CL?
Yes. With a correlation of 0.15, CL and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
On the −1 to +1 scale, 0.15 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CL correlations · SPY correlations
