CPA vs SPY: Correlation
Copa Holdings, S.A. (CPA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPA and SPY?
On 3 years of weekly data the CPA/SPY correlation comes out at 0.41, moderate. Recent behaviour matches the longer record: 0.46 over 1 year against 0.41 over 3. The 5-year figure is 0.43, and annualized covariance runs at 172.9 %².
Within CPA's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. Their 12-month results are close: +17.8% for CPA against +20.6% for SPY. Note the risk asymmetry: CPA runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CPA vs SPY: side by side
| CPA (Copa Holdings, S.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +17.8% | +20.6% |
| 5-year return | +112.6% | +82.4% |
| Volatility (ann.) | 29.3% | 14.5% |
| Beta vs S&P 500 | 0.83 | 1.00 |
| Max drawdown (3Y) | -29.2% | -18.8% |
| Market cap | $5.4B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 5.01% | 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 | CPA | SPY |
|---|---|---|
| 2022 | +0.6% | -18.2% |
| 2023 | +32.4% | +26.2% |
| 2024 | -11.5% | +24.9% |
| 2025 | +45.6% | +17.7% |
| 2026 | +11.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPA and SPY good diversifiers for each other?
Reasonably. At 0.41, CPA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CPA and SPY?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.46 over the last year and 0.43 over 5 years.
Is SPY a good diversifier for CPA?
Reasonably. At 0.41, CPA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 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: CPA correlations · SPY correlations
