COR vs SPY: Correlation
Cencora (COR) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are COR and SPY?
Over the past 3 years, COR and SPY moved with a correlation of 0.05, which is near zero, meaning they move largely independently. Recent behaviour matches the longer record: -0.04 over 1 year against 0.05 over 3. Over 5 years the correlation is 0.25, and the annualized covariance of weekly returns is 16.4 %².
Among the 43 assets we track against COR, SPY ranks #19 by 3-year correlation. On 12-month performance SPY holds a 9.2-point edge, +11.4% against +20.6%. On a rolling one-year basis the correlation drifted between -0.09 and 0.34, a moderate band. One caveat on sizing: COR is 1.5 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.
COR vs SPY: side by side
| COR (Cencora) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.4% | +20.6% |
| 5-year return | +188.6% | +82.4% |
| Volatility (ann.) | 21.9% | 14.5% |
| Beta vs S&P 500 | 0.08 | 1.00 |
| Max drawdown (3Y) | -32.4% | -18.8% |
| Market cap | $61.3B | – |
| P/E (trailing) | 24.3 | – |
| Dividend yield | 0.72% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | COR | SPY |
|---|---|---|
| 2022 | +26.3% | -18.2% |
| 2023 | +25.3% | +26.2% |
| 2024 | +10.4% | +24.9% |
| 2025 | +51.5% | +17.7% |
| 2026 | -4.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds COR at a 0.1% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are COR and SPY good diversifiers for each other?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between COR and SPY?
The COR/SPY correlation stands at 0.05 on a 3-year window (1 year: -0.04, 5 years: 0.25), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for COR?
Yes: at 0.05, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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: COR correlations · SPY correlations
