CMRC vs SPY: Correlation
Measured on weekly returns over the past three years, Commerce.com, Inc. - Series 1 (CMRC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMRC and SPY?
Across a 3-year window, the weekly returns of CMRC and SPY correlate at 0.38, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.27 versus 0.38 over 3 years. Stretching to 5 years gives 0.45, with an annualized covariance of 292.3 %².
Within CMRC's tracked universe of 16 assets, SPY comes in at #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 70.4 points (-49.8% versus +20.6%). Note the risk asymmetry: CMRC runs 3.7 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.
CMRC vs SPY: side by side
| CMRC (Commerce.com, Inc. - Series 1) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -49.8% | +20.6% |
| 5-year return | -96.1% | +82.4% |
| Volatility (ann.) | 53.5% | 14.5% |
| Beta vs S&P 500 | 1.40 | 1.00 |
| Max drawdown (3Y) | -81.5% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| 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 | CMRC | SPY |
|---|---|---|
| 2022 | -75.3% | -18.2% |
| 2023 | +11.3% | +26.2% |
| 2024 | -37.1% | +24.9% |
| 2025 | -32.7% | +17.7% |
| 2026 | -42.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMRC and SPY good diversifiers for each other?
Reasonably. At 0.38, CMRC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CMRC and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.27 over the last year and 0.45 over 5 years.
Is SPY a good diversifier for CMRC?
Reasonably. At 0.38, CMRC and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 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: CMRC correlations · SPY correlations
