CMBT vs SPY: Correlation
CMB.TECH NV (CMBT) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMBT and SPY?
Over the past 3 years, CMBT and SPY moved with a correlation of 0.26, which is weak. Little has changed lately, as the 1-year reading of 0.29 lands near the 3-year figure. Over 5 years the correlation is 0.26, and the annualized covariance of weekly returns is 140.7 %².
Out of 10 assets tracked against CMBT, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months CMBT outperformed by 123.4 percentage points (+144.0% for CMBT against +20.6% for SPY). Note the risk asymmetry: CMBT runs 2.6 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.
CMBT vs SPY: side by side
| CMBT (CMB.TECH NV) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +144.0% | +20.6% |
| 5-year return | +306.2% | +82.4% |
| Volatility (ann.) | 38.0% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -57.2% | -18.8% |
| Market cap | $5.3B | – |
| P/E (trailing) | 10.2 | – |
| 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 | CMBT | SPY |
|---|---|---|
| 2022 | +93.2% | -18.2% |
| 2023 | +26.3% | +26.2% |
| 2024 | -22.7% | +24.9% |
| 2025 | -2.8% | +17.7% |
| 2026 | +100.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMBT and SPY good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CMBT and SPY?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.29 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for CMBT?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 mean?
A reading of 0.26 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: CMBT correlations · SPY correlations
