CNM vs SPY: Correlation
Measured on weekly returns over the past three years, Core & Main, Inc. (CNM) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNM and SPY?
Over the past 3 years, CNM and SPY moved with a correlation of 0.43, which is moderate. The past 12 months show a weaker link (0.13) than the 3-year average (0.43). Over 5 years the correlation is 0.49, and the annualized covariance of weekly returns is 249.1 %².
By 3-year correlation, SPY places #8 of the 17 assets tracked against CNM. Correlation aside, the last 12 months split them widely, with SPY ahead by 54.1 points (-33.5% versus +20.6%). One caveat on sizing: CNM is 2.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CNM vs SPY: side by side
| CNM (Core & Main, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -33.5% | +20.6% |
| 5-year return | +63.1% | +82.4% |
| Volatility (ann.) | 39.7% | 14.5% |
| Beta vs S&P 500 | 1.19 | 1.00 |
| Max drawdown (3Y) | -38.7% | -18.8% |
| Market cap | $8.5B | – |
| P/E (trailing) | 18.4 | – |
| 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 | CNM | SPY |
|---|---|---|
| 2022 | -36.4% | -18.2% |
| 2023 | +109.3% | +26.2% |
| 2024 | +26.0% | +24.9% |
| 2025 | +2.1% | +17.7% |
| 2026 | -15.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNM and SPY good diversifiers for each other?
Reasonably. At 0.43, CNM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CNM and SPY?
The CNM/SPY correlation stands at 0.43 on a 3-year window (1 year: 0.13, 5 years: 0.49), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CNM?
Reasonably. At 0.43, CNM and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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: CNM correlations · SPY correlations
