CLS vs SPY: Correlation
Measured on weekly returns over the past three years, Celestica, Inc. (CLS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLS and SPY?
On 3 years of weekly data the CLS/SPY correlation comes out at 0.59, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.59 over 3. The 5-year figure is 0.56, and annualized covariance runs at 519.6 %².
By 3-year correlation, SPY places #9 of the 23 assets tracked against CLS. Correlation aside, the last 12 months split them widely, with CLS ahead by 36.4 points (+57.0% versus +20.6%). Risk is not evenly split, since CLS carries 4.2 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.
CLS vs SPY: side by side
| CLS (Celestica, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.0% | +20.6% |
| 5-year return | +3251.4% | +82.4% |
| Volatility (ann.) | 60.6% | 14.5% |
| Beta vs S&P 500 | 2.49 | 1.00 |
| Max drawdown (3Y) | -54.0% | -18.8% |
| Market cap | $40.0B | – |
| P/E (trailing) | 32.0 | – |
| 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 | CLS | SPY |
|---|---|---|
| 2022 | +1.3% | -18.2% |
| 2023 | +159.8% | +26.2% |
| 2024 | +215.2% | +24.9% |
| 2025 | +220.3% | +17.7% |
| 2026 | +7.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLS and SPY good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CLS and SPY?
As of 2026-08-27, the correlation of weekly returns between CLS and SPY is 0.59 over 3 years, 0.49 over 1 year and 0.56 over 5 years.
Is SPY a good diversifier for CLS?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
A reading of 0.59 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: CLS correlations · SPY correlations
