CLS vs SPYG: Correlation
Measured on weekly returns over the past three years, Celestica, Inc. (CLS) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLS and SPYG?
Over the past 3 years, CLS and SPYG moved with a correlation of 0.63, which is strong. The link has loosened recently: the 1-year correlation (0.48) runs below the 3-year figure (0.63). Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 720.1 %².
Few assets follow CLS as closely as SPYG, which ranks #3 of 23 tracked partners. Correlation aside, the last 12 months split them widely, with CLS ahead by 34.6 points (+57.0% versus +22.4%). Note the risk asymmetry: CLS runs 3.2 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.
CLS vs SPYG: side by side
| CLS (Celestica, Inc.) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +57.0% | +22.4% |
| 5-year return | +3251.4% | +85.9% |
| Volatility (ann.) | 60.6% | 18.9% |
| Beta vs S&P 500 | 2.49 | 1.25 |
| Max drawdown (3Y) | -54.0% | -22.1% |
| Market cap | $40.0B | – |
| P/E (trailing) | 32.0 | – |
| Dividend yield | 0.00% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | US Listed | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | CLS | SPYG |
|---|---|---|
| 2022 | +1.3% | -29.4% |
| 2023 | +159.8% | +30.0% |
| 2024 | +215.2% | +36.0% |
| 2025 | +220.3% | +22.1% |
| 2026 | +7.4% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLS and SPYG good diversifiers for each other?
Only partially. A correlation of 0.63 means CLS and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CLS and SPYG?
The CLS/SPYG correlation stands at 0.63 on a 3-year window (1 year: 0.48, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for CLS?
Only partially. A correlation of 0.63 means CLS and SPYG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cls-vs-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cls-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CLS correlations · SPYG correlations
