COLM vs SPY: Correlation
How closely do Columbia Sportswear Company (COLM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COLM and SPY?
Across a 3-year window, the weekly returns of COLM and SPY correlate at 0.27, weak. The relationship has been stable: the 1-year correlation (0.23) sits close to the 3-year figure. Stretching to 5 years gives 0.43, with an annualized covariance of 122.0 %².
SPY is close to the least connected end of COLM's tracked universe, ranking #13 of 17. The last year tells two different stories: SPY led by 15.4 percentage points, +5.2% for COLM against +20.6% for SPY. One caveat on sizing: COLM is 2.1 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.
COLM vs SPY: side by side
| COLM (Columbia Sportswear Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +5.2% | +20.6% |
| 5-year return | -40.1% | +82.4% |
| Volatility (ann.) | 31.1% | 14.5% |
| Beta vs S&P 500 | 0.58 | 1.00 |
| Max drawdown (3Y) | -46.1% | -18.8% |
| Market cap | $2.9B | – |
| P/E (trailing) | 15.2 | – |
| Dividend yield | 2.06% | 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 | COLM | SPY |
|---|---|---|
| 2022 | -8.8% | -18.2% |
| 2023 | -7.8% | +26.2% |
| 2024 | +7.1% | +24.9% |
| 2025 | -33.1% | +17.7% |
| 2026 | +4.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are COLM and SPY good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between COLM and SPY?
As of 2026-08-27, the correlation of weekly returns between COLM and SPY is 0.27 over 3 years, 0.23 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for COLM?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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: COLM correlations · SPY correlations
