CLNE vs SPY: Correlation
How closely do Clean Energy Fuels Corp. (CLNE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLNE and SPY?
Across a 3-year window, the weekly returns of CLNE and SPY correlate at 0.33, moderate. Lately the two have drifted apart, with the 1-year correlation at -0.03 versus 0.33 over 3 years. Stretching to 5 years gives 0.45, with an annualized covariance of 284.0 %².
SPY is close to the least connected end of CLNE's tracked universe, ranking #6 of 10. The last year tells two different stories: SPY led by 60.0 percentage points, -39.4% for CLNE against +20.6% for SPY. One caveat on sizing: CLNE is 4.1 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.
CLNE vs SPY: side by side
| CLNE (Clean Energy Fuels Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -39.4% | +20.6% |
| 5-year return | -79.6% | +82.4% |
| Volatility (ann.) | 58.8% | 14.5% |
| Beta vs S&P 500 | 1.36 | 1.00 |
| Max drawdown (3Y) | -71.5% | -18.8% |
| Market cap | $0.4B | – |
| 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 | CLNE | SPY |
|---|---|---|
| 2022 | -15.2% | -18.2% |
| 2023 | -26.3% | +26.2% |
| 2024 | -34.5% | +24.9% |
| 2025 | -16.3% | +17.7% |
| 2026 | -23.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLNE and SPY good diversifiers for each other?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CLNE and SPY?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with -0.03 over the last year and 0.45 over 5 years.
Is SPY a good diversifier for CLNE?
A fair diversifier. At 0.33, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.33 mean?
A reading of 0.33 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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Related comparisons
Hubs: CLNE correlations · SPY correlations
