CLH vs SPY: Correlation
Measured on weekly returns over the past three years, Clean Harbors, Inc. (CLH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLH and SPY?
Over the past 3 years, CLH and SPY moved with a correlation of 0.40, which is moderate. Lately the two have drifted apart, with the 1-year correlation at -0.02 versus 0.40 over 3 years. Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 137.5 %².
By 3-year correlation, SPY places #11 of the 17 assets tracked against CLH. Over the last 12 months CLH came out ahead by 6.4 percentage points (+27.0% against +20.6%). Risk is not evenly split, since CLH carries 1.6 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.
CLH vs SPY: side by side
| CLH (Clean Harbors, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +27.0% | +20.6% |
| 5-year return | +204.2% | +82.4% |
| Volatility (ann.) | 23.8% | 14.5% |
| Beta vs S&P 500 | 0.66 | 1.00 |
| Max drawdown (3Y) | -30.9% | -18.8% |
| Market cap | $16.5B | – |
| P/E (trailing) | 37.8 | – |
| 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 | CLH | SPY |
|---|---|---|
| 2022 | +14.4% | -18.2% |
| 2023 | +52.9% | +26.2% |
| 2024 | +31.9% | +24.9% |
| 2025 | +1.9% | +17.7% |
| 2026 | +33.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLH and SPY good diversifiers for each other?
Reasonably. At 0.40, CLH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CLH and SPY?
The CLH/SPY correlation stands at 0.40 on a 3-year window (1 year: -0.02, 5 years: 0.45), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CLH?
Reasonably. At 0.40, CLH and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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/clh-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clh-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CLH correlations · SPY correlations
