COLD vs SPY: Correlation
Americold Realty Trust, Inc. (COLD) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.29.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COLD and SPY?
Across a 3-year window, the weekly returns of COLD and SPY correlate at 0.29, weak. Little has changed lately, as the 1-year reading of 0.33 lands near the 3-year figure. Stretching to 5 years gives 0.37, with an annualized covariance of 146.5 %².
Among the 18 assets we track against COLD, SPY sits near the bottom by co-movement, at rank #14. Over the last 12 months SPY came out ahead by 12.3 percentage points (+8.3% against +20.6%). One caveat on sizing: COLD is 2.4 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.
COLD vs SPY: side by side
| COLD (Americold Realty Trust, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +8.3% | +20.6% |
| 5-year return | -49.6% | +82.4% |
| Volatility (ann.) | 35.4% | 14.5% |
| Beta vs S&P 500 | 0.70 | 1.00 |
| Max drawdown (3Y) | -67.1% | -18.8% |
| Market cap | $4.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 6.02% | 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 | COLD | SPY |
|---|---|---|
| 2022 | -10.9% | -18.2% |
| 2023 | +10.1% | +26.2% |
| 2024 | -26.7% | +24.9% |
| 2025 | -36.2% | +17.7% |
| 2026 | +21.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COLD and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between COLD and SPY?
As of 2026-08-27, the correlation of weekly returns between COLD and SPY is 0.29 over 3 years, 0.33 over 1 year and 0.37 over 5 years.
Is SPY a good diversifier for COLD?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
On the −1 to +1 scale, 0.29 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.
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Related comparisons
Hubs: COLD correlations · SPY correlations
