COHN vs SPY: Correlation
Cohen & Company Inc. (COHN) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.16.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COHN and SPY?
Across a 3-year window, the weekly returns of COHN and SPY correlate at 0.16, weak. The past 12 months show a weaker link (-0.06) than the 3-year average (0.16). Stretching to 5 years gives 0.14, with an annualized covariance of 187.1 %².
Among the 10 assets we track against COHN, SPY sits near the bottom by co-movement, at rank #6. On 12-month performance SPY holds a 13.5-point edge, +7.1% against +20.6%. One caveat on sizing: COHN is 5.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
COHN vs SPY: side by side
| COHN (Cohen & Company Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.1% | +20.6% |
| 5-year return | -2.6% | +82.4% |
| Volatility (ann.) | 81.7% | 14.5% |
| Beta vs S&P 500 | 0.90 | 1.00 |
| Max drawdown (3Y) | -62.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 2.3 | – |
| Dividend yield | 9.07% | 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 | COHN | SPY |
|---|---|---|
| 2022 | -36.7% | -18.2% |
| 2023 | -9.7% | +26.2% |
| 2024 | +73.4% | +24.9% |
| 2025 | +149.5% | +17.7% |
| 2026 | -44.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COHN and SPY good diversifiers for each other?
Yes. With a correlation of 0.16, COHN and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between COHN and SPY?
Using weekly returns as of 2026-08-27: 0.16 over 3 years, with -0.06 over the last year and 0.14 over 5 years.
Is SPY a good diversifier for COHN?
Yes. With a correlation of 0.16, COHN and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.16 mean?
A reading of 0.16 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cohn-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cohn-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: COHN correlations · SPY correlations
