CNET vs SPY: Correlation
How closely do ZW Data Action Technologies Inc. (CNET) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.20, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNET and SPY?
Across a 3-year window, the weekly returns of CNET and SPY correlate at 0.20, weak. Little has changed lately, as the 1-year reading of 0.26 lands near the 3-year figure. Stretching to 5 years gives 0.22, with an annualized covariance of 305.1 %².
Out of 11 assets tracked against CNET, SPY lands near the bottom at #7. The last year tells two different stories: SPY led by 24.6 percentage points, -4.0% for CNET against +20.6% for SPY. Risk is not evenly split, since CNET carries 7.2 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.
CNET vs SPY: side by side
| CNET (ZW Data Action Technologies Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -4.0% | +20.6% |
| 5-year return | -94.9% | +82.4% |
| Volatility (ann.) | 104.7% | 14.5% |
| Beta vs S&P 500 | 1.46 | 1.00 |
| Max drawdown (3Y) | -85.2% | -18.8% |
| Market cap | – | – |
| 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 | CNET | SPY |
|---|---|---|
| 2022 | -54.0% | -18.2% |
| 2023 | -63.9% | +26.2% |
| 2024 | -45.8% | +24.9% |
| 2025 | -24.4% | +17.7% |
| 2026 | +6.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNET and SPY good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CNET and SPY?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.26 over the last year and 0.22 over 5 years.
Is SPY a good diversifier for CNET?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 mean?
A reading of 0.20 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: CNET correlations · SPY correlations
