CMC vs SPY: Correlation
Measured on weekly returns over the past three years, Commercial Metals Company (CMC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.54, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMC and SPY?
On 3 years of weekly data the CMC/SPY correlation comes out at 0.54, moderate. The link has loosened recently: the 1-year correlation (0.42) runs below the 3-year figure (0.54). The 5-year figure is 0.56, and annualized covariance runs at 262.3 %².
Among the 19 assets we track against CMC, SPY ranks #12 by 3-year correlation. Their 12-month results are close: +22.0% for CMC against +20.6% for SPY. Note the risk asymmetry: CMC runs 2.3 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.
CMC vs SPY: side by side
| CMC (Commercial Metals Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.0% | +20.6% |
| 5-year return | +119.5% | +82.4% |
| Volatility (ann.) | 33.3% | 14.5% |
| Beta vs S&P 500 | 1.26 | 1.00 |
| Max drawdown (3Y) | -37.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 1.08% | 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 | CMC | SPY |
|---|---|---|
| 2022 | +35.0% | -18.2% |
| 2023 | +5.0% | +26.2% |
| 2024 | +0.4% | +24.9% |
| 2025 | +41.5% | +17.7% |
| 2026 | +0.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMC and SPY good diversifiers for each other?
Only partially. A correlation of 0.54 means CMC and SPY 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 CMC and SPY?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.42 over the last year and 0.56 over 5 years.
Is SPY a good diversifier for CMC?
Only partially. A correlation of 0.54 means CMC and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.54 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: CMC correlations · SPY correlations
