CODA vs SPY: Correlation
Coda Octopus Group, Inc. (CODA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CODA and SPY?
Over the past 3 years, CODA and SPY moved with a correlation of 0.23, which is weak. The link has tightened recently: the 1-year correlation (0.35) runs above the 3-year figure (0.23). Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 140.3 %².
Among the 10 assets we track against CODA, SPY sits near the bottom by co-movement, at rank #6. The last year tells two different stories: CODA led by 15.4 percentage points, +36.0% for CODA against +20.6% for SPY. Risk is not evenly split, since CODA carries 3.0 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.
CODA vs SPY: side by side
| CODA (Coda Octopus Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +36.0% | +20.6% |
| 5-year return | +13.9% | +82.4% |
| Volatility (ann.) | 42.9% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -44.9% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 23.2 | – |
| 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 | CODA | SPY |
|---|---|---|
| 2022 | -14.2% | -18.2% |
| 2023 | -12.2% | +26.2% |
| 2024 | +30.1% | +24.9% |
| 2025 | +18.8% | +17.7% |
| 2026 | +12.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CODA and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CODA and SPY?
As of 2026-08-27, the correlation of weekly returns between CODA and SPY is 0.23 over 3 years, 0.35 over 1 year and 0.21 over 5 years.
Is SPY a good diversifier for CODA?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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: CODA correlations · SPY correlations
