CNC vs SPY: Correlation
Measured on weekly returns over the past three years, Centene Corporation (CNC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.12, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNC and SPY?
Across a 3-year window, the weekly returns of CNC and SPY correlate at 0.12, weak. The past 12 months show a tighter link (0.32) than the 3-year average (0.12). Stretching to 5 years gives 0.21, with an annualized covariance of 75.6 %².
By 3-year correlation, SPY places #18 of the 30 assets tracked against CNC. Their recent paths diverged sharply: over the last 12 months CNC outperformed by 105.9 percentage points (+126.5% for CNC against +20.6% for SPY). The rolling one-year correlation moved between -0.04 and 0.32 over the past three years, a moderate range. Risk is not evenly split, since CNC carries 3.1 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.
CNC vs SPY: side by side
| CNC (Centene Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +126.5% | +20.6% |
| 5-year return | +3.3% | +82.4% |
| Volatility (ann.) | 45.4% | 14.5% |
| Beta vs S&P 500 | 0.36 | 1.00 |
| Max drawdown (3Y) | -68.6% | -18.8% |
| Market cap | $32.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | CNC | SPY |
|---|---|---|
| 2022 | -0.5% | -18.2% |
| 2023 | -9.5% | +26.2% |
| 2024 | -18.4% | +24.9% |
| 2025 | -32.1% | +17.7% |
| 2026 | +58.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNC and SPY good diversifiers for each other?
Yes. With a correlation of 0.12, CNC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNC and SPY?
The CNC/SPY correlation stands at 0.12 on a 3-year window (1 year: 0.32, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CNC?
Yes. With a correlation of 0.12, CNC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.12 mean?
A reading of 0.12 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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Hubs: CNC correlations · SPY correlations
