CNX vs SPY: Correlation
How closely do CNX Resources Corporation (CNX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.20, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNX and SPY?
Across a 3-year window, the weekly returns of CNX and SPY correlate at 0.20, weak. The past 12 months show a weaker link (-0.19) than the 3-year average (0.20). Stretching to 5 years gives 0.26, with an annualized covariance of 86.7 %².
Among the 12 assets we track against CNX, SPY ranks #6 by 3-year correlation. Their 12-month results are close: +24.2% for CNX against +20.6% for SPY. Note the risk asymmetry: CNX runs 2.0 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.
CNX vs SPY: side by side
| CNX (CNX Resources Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.2% | +20.6% |
| 5-year return | +229.8% | +82.4% |
| Volatility (ann.) | 29.6% | 14.5% |
| Beta vs S&P 500 | 0.41 | 1.00 |
| Max drawdown (3Y) | -33.4% | -18.8% |
| Market cap | $5.3B | – |
| P/E (trailing) | 5.8 | – |
| 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 | CNX | SPY |
|---|---|---|
| 2022 | +22.5% | -18.2% |
| 2023 | +18.8% | +26.2% |
| 2024 | +83.3% | +24.9% |
| 2025 | +0.3% | +17.7% |
| 2026 | -1.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNX and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNX and SPY?
As of 2026-08-27, the correlation of weekly returns between CNX and SPY is 0.20 over 3 years, -0.19 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for CNX?
Yes, to a useful degree: a correlation of 0.20 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.20 mean?
A reading of 0.20 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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