CPAY vs SPY: Correlation
Measured on weekly returns over the past three years, Corpay (CPAY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPAY and SPY?
Over the past 3 years, CPAY and SPY moved with a correlation of 0.56, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.40 versus 0.56 over 3 years. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 255.6 %².
Among the 32 assets we track against CPAY, SPY ranks #20 by 3-year correlation. Their 12-month results are close: +24.1% for CPAY against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.30 to 0.79. One caveat on sizing: CPAY is 2.2 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 SPY: side by side
| CPAY (Corpay) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.1% | +20.6% |
| 5-year return | +55.2% | +82.4% |
| Volatility (ann.) | 31.7% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -34.5% | -18.8% |
| Market cap | $26.5B | – |
| P/E (trailing) | 24.7 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | CPAY | SPY |
|---|---|---|
| 2022 | -17.9% | -18.2% |
| 2023 | +53.9% | +26.2% |
| 2024 | +19.7% | +24.9% |
| 2025 | -11.1% | +17.7% |
| 2026 | +34.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPAY and SPY good diversifiers for each other?
Only partially. A correlation of 0.56 means CPAY and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CPAY and SPY?
As of 2026-08-27, the correlation of weekly returns between CPAY and SPY is 0.56 over 3 years, 0.40 over 1 year and 0.59 over 5 years.
Is SPY a good diversifier for CPAY?
Only partially. A correlation of 0.56 means CPAY and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CPAY correlations · SPY correlations
