CMCL vs SPY: Correlation
Caledonia Mining Corporation Plc (CMCL) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMCL and SPY?
Across a 3-year window, the weekly returns of CMCL and SPY correlate at 0.30, moderate. The relationship has been stable: the 1-year correlation (0.39) sits close to the 3-year figure. Stretching to 5 years gives 0.30, with an annualized covariance of 228.9 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against CMCL. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 15.2 percentage points (+5.4% for CMCL against +20.6% for SPY). Risk is not evenly split, since CMCL carries 3.6 times the volatility of the other side.
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.
CMCL vs SPY: side by side
| CMCL (Caledonia Mining Corporation Plc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.4% | +20.6% |
| 5-year return | +156.5% | +82.4% |
| Volatility (ann.) | 52.7% | 14.5% |
| Beta vs S&P 500 | 1.10 | 1.00 |
| Max drawdown (3Y) | -55.2% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 7.3 | – |
| Dividend yield | 2.25% | 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 | CMCL | SPY |
|---|---|---|
| 2022 | +11.4% | -18.2% |
| 2023 | +2.6% | +26.2% |
| 2024 | -18.9% | +24.9% |
| 2025 | +183.7% | +17.7% |
| 2026 | -1.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCL and SPY good diversifiers for each other?
Reasonably. At 0.30, CMCL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CMCL and SPY?
As of 2026-08-27, the correlation of weekly returns between CMCL and SPY is 0.30 over 3 years, 0.39 over 1 year and 0.30 over 5 years.
Is SPY a good diversifier for CMCL?
Reasonably. At 0.30, CMCL and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.30 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: CMCL correlations · SPY correlations
