CNP vs SPY: Correlation
Measured on weekly returns over the past three years, CenterPoint Energy (CNP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.10, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNP and SPY?
On 3 years of weekly data the CNP/SPY correlation comes out at 0.10, weak. The link has loosened recently: the 1-year correlation (-0.21) runs below the 3-year figure (0.10). The 5-year figure is 0.34, and annualized covariance runs at 25.7 %².
By 3-year correlation, SPY places #17 of the 28 assets tracked against CNP. The trailing year gives SPY the advantage: +6.5% versus +20.6%, a 14.1-point spread. This link changes with the market regime, having swung between -0.26 and 0.50 on a rolling one-year basis.
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.
CNP vs SPY: side by side
| CNP (CenterPoint Energy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.5% | +20.6% |
| 5-year return | +75.6% | +82.4% |
| Volatility (ann.) | 17.2% | 14.5% |
| Beta vs S&P 500 | 0.12 | 1.00 |
| Max drawdown (3Y) | -18.1% | -18.8% |
| Market cap | $25.9B | – |
| P/E (trailing) | 23.5 | – |
| Dividend yield | 2.27% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | CNP | SPY |
|---|---|---|
| 2022 | +10.0% | -18.2% |
| 2023 | -2.1% | +26.2% |
| 2024 | +14.3% | +24.9% |
| 2025 | +23.7% | +17.7% |
| 2026 | +4.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNP and SPY good diversifiers for each other?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CNP and SPY?
The CNP/SPY correlation stands at 0.10 on a 3-year window (1 year: -0.21, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CNP?
Yes: at 0.10, the two have gone their own ways historically, which is what genuine diversification looks like.
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: CNP correlations · SPY correlations
