CNK vs SPY: Correlation
How closely do Cinemark Holdings Inc Cinemark Holdings, Inc. (CNK) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.10, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNK and SPY?
Over the past 3 years, CNK and SPY moved with a correlation of 0.10, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.09 versus 0.10 over 3 years. Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 60.7 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against CNK. The last year tells two different stories: CNK led by 22.2 percentage points, +42.8% for CNK against +20.6% for SPY. Risk is not evenly split, since CNK 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.
CNK vs SPY: side by side
| CNK (Cinemark Holdings Inc Cinemark Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +42.8% | +20.6% |
| 5-year return | +119.9% | +82.4% |
| Volatility (ann.) | 40.6% | 14.5% |
| Beta vs S&P 500 | 0.29 | 1.00 |
| Max drawdown (3Y) | -38.4% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 20.8 | – |
| Dividend yield | 0.94% | 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 | CNK | SPY |
|---|---|---|
| 2022 | -46.3% | -18.2% |
| 2023 | +62.7% | +26.2% |
| 2024 | +119.9% | +24.9% |
| 2025 | -24.1% | +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 CNK and SPY good diversifiers for each other?
Yes. With a correlation of 0.10, CNK and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CNK and SPY?
Using weekly returns as of 2026-08-27: 0.10 over 3 years, with -0.09 over the last year and 0.27 over 5 years.
Is SPY a good diversifier for CNK?
Yes. With a correlation of 0.10, CNK and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.10 mean?
On the −1 to +1 scale, 0.10 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: CNK correlations · SPY correlations
