CLB vs SPY: Correlation
Core Laboratories Inc. (CLB) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLB and SPY?
Over the past 3 years, CLB and SPY moved with a correlation of 0.25, which is weak. Recent behaviour matches the longer record: 0.18 over 1 year against 0.25 over 3. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 189.2 %².
Out of 15 assets tracked against CLB, SPY lands near the bottom at #11. The trailing year gives SPY the advantage: +10.6% versus +20.6%, a 10.0-point spread. Note the risk asymmetry: CLB runs 3.7 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.
CLB vs SPY: side by side
| CLB (Core Laboratories Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.6% | +20.6% |
| 5-year return | -55.8% | +82.4% |
| Volatility (ann.) | 53.1% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -62.5% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | 23.2 | – |
| Dividend yield | 0.33% | 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 | CLB | SPY |
|---|---|---|
| 2022 | -9.0% | -18.2% |
| 2023 | -12.7% | +26.2% |
| 2024 | -1.8% | +24.9% |
| 2025 | -7.1% | +17.7% |
| 2026 | -23.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLB and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CLB and SPY?
The CLB/SPY correlation stands at 0.25 on a 3-year window (1 year: 0.18, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CLB?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
On the −1 to +1 scale, 0.25 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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Hubs: CLB correlations · SPY correlations
