CLX vs SPY: Correlation
How closely do Clorox (CLX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLX and SPY?
Across a 3-year window, the weekly returns of CLX and SPY correlate at 0.23, weak. The relationship has been stable: the 1-year correlation (0.20) sits close to the 3-year figure. Stretching to 5 years gives 0.32, with an annualized covariance of 82.5 %².
By 3-year correlation, SPY places #21 of the 32 assets tracked against CLX. The last year tells two different stories: SPY led by 29.4 percentage points, -8.8% for CLX against +20.6% for SPY. The rolling one-year correlation moved between -0.01 and 0.44 over the past three years, a moderate range. One caveat on sizing: CLX is 1.7 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.
CLX vs SPY: side by side
| CLX (Clorox) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -8.8% | +20.6% |
| 5-year return | -26.0% | +82.4% |
| Volatility (ann.) | 24.4% | 14.5% |
| Beta vs S&P 500 | 0.39 | 1.00 |
| Max drawdown (3Y) | -46.1% | -18.8% |
| Market cap | $12.5B | – |
| P/E (trailing) | 21.7 | – |
| Dividend yield | 4.77% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | CLX | SPY |
|---|---|---|
| 2022 | -17.0% | -18.2% |
| 2023 | +5.0% | +26.2% |
| 2024 | +17.7% | +24.9% |
| 2025 | -35.6% | +17.7% |
| 2026 | +6.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLX and SPY good diversifiers for each other?
Reasonably. At 0.23, CLX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CLX and SPY?
As of 2026-08-27, the correlation of weekly returns between CLX and SPY is 0.23 over 3 years, 0.20 over 1 year and 0.32 over 5 years.
Is SPY a good diversifier for CLX?
Reasonably. At 0.23, CLX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CLX correlations · SPY correlations
