CNVS vs SPY: Correlation
Cineverse Corp. (CNVS) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNVS and SPY?
Across a 3-year window, the weekly returns of CNVS and SPY correlate at 0.22, weak. The relationship has been stable: the 1-year correlation (0.13) sits close to the 3-year figure. Stretching to 5 years gives 0.28, with an annualized covariance of 264.5 %².
Out of 12 assets tracked against CNVS, SPY lands near the bottom at #8. The last year tells two different stories: SPY led by 72.7 percentage points, -52.1% for CNVS against +20.6% for SPY. Note the risk asymmetry: CNVS runs 5.7 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.
CNVS vs SPY: side by side
| CNVS (Cineverse Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -52.1% | +20.6% |
| 5-year return | -93.6% | +82.4% |
| Volatility (ann.) | 82.6% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -74.0% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | – | – |
| 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 | CNVS | SPY |
|---|---|---|
| 2022 | -66.4% | -18.2% |
| 2023 | -82.7% | +26.2% |
| 2024 | +170.4% | +24.9% |
| 2025 | -42.2% | +17.7% |
| 2026 | +14.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNVS and SPY good diversifiers for each other?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CNVS and SPY?
The CNVS/SPY correlation stands at 0.22 on a 3-year window (1 year: 0.13, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CNVS?
A fair diversifier. At 0.22, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.22 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.
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Related comparisons
Hubs: CNVS correlations · SPY correlations
