CNXC vs SPY: Correlation
Concentrix Corporation (CNXC) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNXC and SPY?
Across a 3-year window, the weekly returns of CNXC and SPY correlate at 0.35, moderate. Little has changed lately, as the 1-year reading of 0.32 lands near the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 264.4 %².
SPY is close to the least connected end of CNXC's tracked universe, ranking #7 of 11. Correlation aside, the last 12 months split them widely, with SPY ahead by 62.5 points (-41.9% versus +20.6%). Note the risk asymmetry: CNXC runs 3.6 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.
CNXC vs SPY: side by side
| CNXC (Concentrix Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -41.9% | +20.6% |
| 5-year return | -81.9% | +82.4% |
| Volatility (ann.) | 52.6% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -78.5% | -18.8% |
| Market cap | $1.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 5.07% | 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 | CNXC | SPY |
|---|---|---|
| 2022 | -24.9% | -18.2% |
| 2023 | -25.4% | +26.2% |
| 2024 | -55.0% | +24.9% |
| 2025 | -1.4% | +17.7% |
| 2026 | -29.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNXC and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNXC and SPY?
The CNXC/SPY correlation stands at 0.35 on a 3-year window (1 year: 0.32, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CNXC?
Yes, to a useful degree: a correlation of 0.35 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cnxc-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnxc-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CNXC correlations · SPY correlations
