CLPR vs SPY: Correlation
Measured on weekly returns over the past three years, Clipper Realty Inc. (CLPR) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.19, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLPR and SPY?
Across a 3-year window, the weekly returns of CLPR and SPY correlate at 0.19, weak. Lately the two have moved closer together, with the 1-year correlation at 0.34 versus 0.19 over 3 years. Stretching to 5 years gives 0.26, with an annualized covariance of 127.6 %².
Within CLPR's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. The last year tells two different stories: SPY led by 35.2 percentage points, -14.6% for CLPR against +20.6% for SPY. One caveat on sizing: CLPR is 3.1 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.
CLPR vs SPY: side by side
| CLPR (Clipper Realty Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -14.6% | +20.6% |
| 5-year return | -40.2% | +82.4% |
| Volatility (ann.) | 45.5% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -52.3% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 11.31% | 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 | CLPR | SPY |
|---|---|---|
| 2022 | -32.7% | -18.2% |
| 2023 | -9.5% | +26.2% |
| 2024 | -7.9% | +24.9% |
| 2025 | -8.0% | +17.7% |
| 2026 | -3.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLPR and SPY good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CLPR and SPY?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.34 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for CLPR?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 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: CLPR correlations · SPY correlations
