CNNE vs SPY: Correlation
How closely do Cannae Holdings, Inc. (CNNE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNNE and SPY?
On 3 years of weekly data the CNNE/SPY correlation comes out at 0.47, moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 203.9 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against CNNE. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 34.4 percentage points (-13.8% for CNNE against +20.6% for SPY). Note the risk asymmetry: CNNE runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CNNE vs SPY: side by side
| CNNE (Cannae Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -13.8% | +20.6% |
| 5-year return | -47.5% | +82.4% |
| Volatility (ann.) | 29.8% | 14.5% |
| Beta vs S&P 500 | 0.98 | 1.00 |
| Max drawdown (3Y) | -50.0% | -18.8% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 3.88% | 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 | CNNE | SPY |
|---|---|---|
| 2022 | -41.3% | -18.2% |
| 2023 | -5.5% | +26.2% |
| 2024 | +3.7% | +24.9% |
| 2025 | -18.3% | +17.7% |
| 2026 | +0.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNNE and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNNE and SPY?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.41 over the last year and 0.59 over 5 years.
Is SPY a good diversifier for CNNE?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cnne-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnne-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNNE correlations · SPY correlations
