CLMT vs SPY: Correlation
Measured on weekly returns over the past three years, Calumet, Inc (CLMT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLMT and SPY?
Over the past 3 years, CLMT and SPY moved with a correlation of 0.26, which is weak. The link has loosened recently: the 1-year correlation (-0.16) runs below the 3-year figure (0.26). Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 202.5 %².
Out of 10 assets tracked against CLMT, SPY lands near the bottom at #6. The last year tells two different stories: CLMT led by 162.3 percentage points, +182.9% for CLMT against +20.6% for SPY. Note the risk asymmetry: CLMT 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.
CLMT vs SPY: side by side
| CLMT (Calumet, Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +182.9% | +20.6% |
| 5-year return | +582.1% | +82.4% |
| Volatility (ann.) | 53.8% | 14.5% |
| Beta vs S&P 500 | 0.97 | 1.00 |
| Max drawdown (3Y) | -61.9% | -18.8% |
| Market cap | $4.0B | – |
| 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 | CLMT | SPY |
|---|---|---|
| 2022 | +27.9% | -18.2% |
| 2023 | +5.9% | +26.2% |
| 2024 | +23.2% | +24.9% |
| 2025 | -9.8% | +17.7% |
| 2026 | +130.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLMT and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CLMT and SPY?
The CLMT/SPY correlation stands at 0.26 on a 3-year window (1 year: -0.16, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CLMT?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: CLMT correlations · SPY correlations
