CLDT vs SPY: Correlation
How closely do Chatham Lodging Trust (REIT) (CLDT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLDT and SPY?
Across a 3-year window, the weekly returns of CLDT and SPY correlate at 0.45, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.05 versus 0.45 over 3 years. Stretching to 5 years gives 0.51, with an annualized covariance of 192.9 %².
Among the 14 assets we track against CLDT, SPY ranks #9 by 3-year correlation. The last year tells two different stories: CLDT led by 59.4 percentage points, +80.0% for CLDT against +20.6% for SPY. Risk is not evenly split, since CLDT carries 2.0 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.
CLDT vs SPY: side by side
| CLDT (Chatham Lodging Trust (REIT)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +80.0% | +20.6% |
| 5-year return | +28.1% | +82.4% |
| Volatility (ann.) | 29.5% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -41.9% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | 166.9 | – |
| Dividend yield | 2.81% | 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 | CLDT | SPY |
|---|---|---|
| 2022 | -10.0% | -18.2% |
| 2023 | -10.1% | +26.2% |
| 2024 | -13.8% | +24.9% |
| 2025 | -19.9% | +17.7% |
| 2026 | +100.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLDT and SPY good diversifiers for each other?
Reasonably. At 0.45, CLDT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CLDT and SPY?
The CLDT/SPY correlation stands at 0.45 on a 3-year window (1 year: 0.05, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CLDT?
Reasonably. At 0.45, CLDT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cldt-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cldt-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CLDT correlations · SPY correlations
