CNXN vs SPY: Correlation
PC Connection, Inc. (CNXN) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNXN and SPY?
On 3 years of weekly data the CNXN/SPY correlation comes out at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.45). The 5-year figure is 0.43, and annualized covariance runs at 179.3 %².
Within CNXN's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. On 12-month performance CNXN holds a 5.6-point edge, +26.2% against +20.6%. Risk is not evenly split, since CNXN carries 1.9 times the volatility of the other side.
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.
CNXN vs SPY: side by side
| CNXN (PC Connection, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.2% | +20.6% |
| 5-year return | +75.2% | +82.4% |
| Volatility (ann.) | 27.3% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -26.3% | -18.8% |
| Market cap | $2.0B | – |
| P/E (trailing) | 21.0 | – |
| Dividend yield | 0.88% | 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 | CNXN | SPY |
|---|---|---|
| 2022 | +9.4% | -18.2% |
| 2023 | +44.3% | +26.2% |
| 2024 | +3.7% | +24.9% |
| 2025 | -15.8% | +17.7% |
| 2026 | +40.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNXN and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CNXN and SPY?
The CNXN/SPY correlation stands at 0.45 on a 3-year window (1 year: 0.32, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CNXN?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 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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Related comparisons
Hubs: CNXN correlations · SPY correlations
