CPAY vs SCHD: Correlation
Measured on weekly returns over the past three years, Corpay (CPAY) and Schwab US Dividend Equity ETF (SCHD) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and SCHD?
On 3 years of weekly data the CPAY/SCHD correlation comes out at 0.62, strong. The link has loosened recently: the 1-year correlation (0.47) runs below the 3-year figure (0.62). The 5-year figure is 0.62, and annualized covariance runs at 253.8 %².
Within CPAY's tracked universe of 32 assets, SCHD comes in at #15 by 3-year correlation. Over the last 12 months SCHD came out ahead by 5.5 percentage points (+24.1% against +29.6%). On a rolling one-year basis the correlation drifted between 0.45 and 0.79, a moderate band. One caveat on sizing: CPAY is 2.5 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.
CPAY vs SCHD: side by side
| CPAY (Corpay) | SCHD (Schwab US Dividend Equity ETF) | |
|---|---|---|
| 1-year return | +24.1% | +29.6% |
| 5-year return | +55.2% | +60.9% |
| Volatility (ann.) | 31.7% | 12.9% |
| Beta vs S&P 500 | 1.22 | 0.52 |
| Max drawdown (3Y) | -34.5% | -16.1% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | 3.13% |
| Expense ratio | – | 0.06% |
| Assets under management | – | $104.2B |
| Sector / category | Financials | ETF · Dividend |
SCHD, Schwab ETFs's Large Value fund, carries $104.2B under management, 101 holdings, a 0.06% expense ratio, a 3.13% trailing dividend yield.
Year-by-year returns
| Year | CPAY | SCHD |
|---|---|---|
| 2022 | -17.9% | -3.3% |
| 2023 | +53.9% | +4.5% |
| 2024 | +19.7% | +11.7% |
| 2025 | -11.1% | +4.3% |
| 2026 | +34.1% | +29.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and SCHD good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CPAY and SCHD?
The CPAY/SCHD correlation stands at 0.62 on a 3-year window (1 year: 0.47, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is SCHD a good diversifier for CPAY?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
A reading of 0.62 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/cpay-vs-schd.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cpay-vs-schd/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPAY correlations · SCHD correlations
