CNS vs SPY: Correlation
Cohen & Steers Inc (CNS) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNS and SPY?
Across a 3-year window, the weekly returns of CNS and SPY correlate at 0.39, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.20 versus 0.39 over 3 years. Stretching to 5 years gives 0.54, with an annualized covariance of 172.4 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against CNS. Over the last 12 months SPY came out ahead by 6.9 percentage points (+13.7% against +20.6%). Note the risk asymmetry: CNS 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.
CNS vs SPY: side by side
| CNS (Cohen & Steers Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +13.7% | +20.6% |
| 5-year return | +11.8% | +82.4% |
| Volatility (ann.) | 30.4% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -42.6% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 25.7 | – |
| Dividend yield | 3.10% | 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 | CNS | SPY |
|---|---|---|
| 2022 | -28.0% | -18.2% |
| 2023 | +21.8% | +26.2% |
| 2024 | +25.5% | +24.9% |
| 2025 | -29.8% | +17.7% |
| 2026 | +35.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNS and SPY?
The CNS/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.20, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CNS?
Yes, to a useful degree: a correlation of 0.39 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.39 mean?
On the −1 to +1 scale, 0.39 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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Hubs: CNS correlations · SPY correlations
