CMCO vs SPY: Correlation
Measured on weekly returns over the past three years, Columbus McKinnon Corporation (CMCO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMCO and SPY?
Across a 3-year window, the weekly returns of CMCO and SPY correlate at 0.41, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.41 over 3. Stretching to 5 years gives 0.47, with an annualized covariance of 296.4 %².
By 3-year correlation, SPY places #9 of the 15 assets tracked against CMCO. Twelve-month performance is nearly a tie, at +23.3% for CMCO and +20.6% for SPY. One caveat on sizing: CMCO 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.
CMCO vs SPY: side by side
| CMCO (Columbus McKinnon Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +23.3% | +20.6% |
| 5-year return | -58.0% | +82.4% |
| Volatility (ann.) | 50.1% | 14.5% |
| Beta vs S&P 500 | 1.42 | 1.00 |
| Max drawdown (3Y) | -72.8% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | – | – |
| Dividend yield | 1.56% | 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 | CMCO | SPY |
|---|---|---|
| 2022 | -29.3% | -18.2% |
| 2023 | +21.1% | +26.2% |
| 2024 | -3.9% | +24.9% |
| 2025 | -52.9% | +17.7% |
| 2026 | +7.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCO and SPY good diversifiers for each other?
Reasonably. At 0.41, CMCO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CMCO and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.44 over the last year and 0.47 over 5 years.
Is SPY a good diversifier for CMCO?
Reasonably. At 0.41, CMCO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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: CMCO correlations · SPY correlations
