CNO vs SPY: Correlation
Measured on weekly returns over the past three years, CNO Financial Group, Inc. (CNO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNO and SPY?
Across a 3-year window, the weekly returns of CNO and SPY correlate at 0.45, moderate. The past 12 months show a weaker link (0.23) than the 3-year average (0.45). Stretching to 5 years gives 0.54, with an annualized covariance of 145.1 %².
Among the 25 assets we track against CNO, SPY ranks #19 by 3-year correlation. The last year tells two different stories: CNO led by 21.0 percentage points, +41.6% for CNO against +20.6% for SPY. Risk is not evenly split, since CNO carries 1.6 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.
CNO vs SPY: side by side
| CNO (CNO Financial Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +41.6% | +20.6% |
| 5-year return | +150.0% | +82.4% |
| Volatility (ann.) | 22.5% | 14.5% |
| Beta vs S&P 500 | 0.69 | 1.00 |
| Max drawdown (3Y) | -15.9% | -18.8% |
| Market cap | $5.1B | – |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 1.26% | 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 | CNO | SPY |
|---|---|---|
| 2022 | -1.6% | -18.2% |
| 2023 | +25.1% | +26.2% |
| 2024 | +36.1% | +24.9% |
| 2025 | +16.1% | +17.7% |
| 2026 | +30.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNO and SPY good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CNO and SPY?
As of 2026-08-27, the correlation of weekly returns between CNO and SPY is 0.45 over 3 years, 0.23 over 1 year and 0.54 over 5 years.
Is SPY a good diversifier for CNO?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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: CNO correlations · SPY correlations
