CLF vs SPY: Correlation
Cleveland-Cliffs Inc. (CLF) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLF and SPY?
Across a 3-year window, the weekly returns of CLF and SPY correlate at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Stretching to 5 years gives 0.48, with an annualized covariance of 363.3 %².
Among the 11 assets we track against CLF, SPY sits near the bottom by co-movement, at rank #7. On 12-month performance SPY holds a 11.0-point edge, +9.6% against +20.6%. One caveat on sizing: CLF is 4.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CLF vs SPY: side by side
| CLF (Cleveland-Cliffs Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.6% | +20.6% |
| 5-year return | -50.7% | +82.4% |
| Volatility (ann.) | 61.7% | 14.5% |
| Beta vs S&P 500 | 1.74 | 1.00 |
| Max drawdown (3Y) | -74.5% | -18.8% |
| Market cap | $6.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | CLF | SPY |
|---|---|---|
| 2022 | -26.0% | -18.2% |
| 2023 | +26.8% | +26.2% |
| 2024 | -54.0% | +24.9% |
| 2025 | +41.3% | +17.7% |
| 2026 | -10.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLF and SPY good diversifiers for each other?
Reasonably. At 0.41, CLF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CLF and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.38 over the last year and 0.48 over 5 years.
Is SPY a good diversifier for CLF?
Reasonably. At 0.41, CLF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 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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Related comparisons
Hubs: CLF correlations · SPY correlations
