CLW vs SPY: Correlation
Clearwater Paper Corporation (CLW) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLW and SPY?
Across a 3-year window, the weekly returns of CLW and SPY correlate at 0.23, weak. Recent behaviour matches the longer record: 0.22 over 1 year against 0.23 over 3. Stretching to 5 years gives 0.20, with an annualized covariance of 170.6 %².
Out of 11 assets tracked against CLW, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 22.3 percentage points (-1.7% for CLW against +20.6% for SPY). One caveat on sizing: CLW is 3.5 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.
CLW vs SPY: side by side
| CLW (Clearwater Paper Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -1.7% | +20.6% |
| 5-year return | -35.0% | +82.4% |
| Volatility (ann.) | 51.3% | 14.5% |
| Beta vs S&P 500 | 0.82 | 1.00 |
| Max drawdown (3Y) | -77.8% | -18.8% |
| Market cap | $0.3B | – |
| 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 | CLW | SPY |
|---|---|---|
| 2022 | +3.1% | -18.2% |
| 2023 | -4.5% | +26.2% |
| 2024 | -17.6% | +24.9% |
| 2025 | -41.6% | +17.7% |
| 2026 | +21.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLW and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CLW and SPY?
The CLW/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.22, 5 years: 0.20), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CLW?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 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: CLW correlations · SPY correlations
