CMRE vs SPY: Correlation
How closely do Costamare Inc. (CMRE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMRE and SPY?
On 3 years of weekly data the CMRE/SPY correlation comes out at 0.30, moderate. The link has loosened recently: the 1-year correlation (0.07) runs below the 3-year figure (0.30). The 5-year figure is 0.29, and annualized covariance runs at 151.9 %².
Among the 16 assets we track against CMRE, SPY ranks #11 by 3-year correlation. On 12-month performance CMRE holds a 12.2-point edge, +32.8% against +20.6%. Risk is not evenly split, since CMRE carries 2.4 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.
CMRE vs SPY: side by side
| CMRE (Costamare Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.8% | +20.6% |
| 5-year return | +30.5% | +82.4% |
| Volatility (ann.) | 35.3% | 14.5% |
| Beta vs S&P 500 | 0.73 | 1.00 |
| Max drawdown (3Y) | -57.8% | -18.8% |
| Market cap | $1.9B | – |
| P/E (trailing) | 5.6 | – |
| Dividend yield | 3.17% | 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 | CMRE | SPY |
|---|---|---|
| 2022 | -22.8% | -18.2% |
| 2023 | +16.2% | +26.2% |
| 2024 | +26.9% | +24.9% |
| 2025 | +26.5% | +17.7% |
| 2026 | -1.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMRE and SPY good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CMRE and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.07 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for CMRE?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
A reading of 0.30 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: CMRE correlations · SPY correlations
