CMT vs SPY: Correlation
Core Molding Technologies Inc (CMT) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.14.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMT and SPY?
Over the past 3 years, CMT and SPY moved with a correlation of 0.14, which is weak. Recent behaviour matches the longer record: 0.19 over 1 year against 0.14 over 3. Over 5 years the correlation is 0.23, and the annualized covariance of weekly returns is 81.8 %².
Out of 13 assets tracked against CMT, SPY lands near the bottom at #9. On 12-month performance CMT holds a 9.9-point edge, +30.5% against +20.6%. Risk is not evenly split, since CMT carries 2.8 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.
CMT vs SPY: side by side
| CMT (Core Molding Technologies Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.5% | +20.6% |
| 5-year return | +80.4% | +82.4% |
| Volatility (ann.) | 40.3% | 14.5% |
| Beta vs S&P 500 | 0.39 | 1.00 |
| Max drawdown (3Y) | -56.0% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 29.8 | – |
| 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 | CMT | SPY |
|---|---|---|
| 2022 | +52.6% | -18.2% |
| 2023 | +42.6% | +26.2% |
| 2024 | -10.7% | +24.9% |
| 2025 | +21.2% | +17.7% |
| 2026 | +24.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMT and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
FAQ
What is the correlation between CMT and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.19 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for CMT?
By historical standards, yes. A correlation of 0.14 means the two rarely move for the same reasons.
What does a correlation of 0.14 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: CMT correlations · SPY correlations
