CPB vs SPY: Correlation
Measured on weekly returns over the past three years, The Campbell's Company (CPB) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.04, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPB and SPY?
Over the past 3 years, CPB and SPY moved with a correlation of 0.04, which is near zero, meaning they move largely independently. Little has changed lately, as the 1-year reading of -0.00 lands near the 3-year figure. Over 5 years the correlation is 0.08, and the annualized covariance of weekly returns is 14.6 %².
Within CPB's tracked universe of 20 assets, SPY comes in at #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 43.4 percentage points (-22.8% for CPB against +20.6% for SPY). Note the risk asymmetry: CPB runs 1.7 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.
CPB vs SPY: side by side
| CPB (The Campbell's Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -22.8% | +20.6% |
| 5-year return | -30.8% | +82.4% |
| Volatility (ann.) | 24.5% | 14.5% |
| Beta vs S&P 500 | 0.07 | 1.00 |
| Max drawdown (3Y) | -58.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 11.4 | – |
| Dividend yield | 6.72% | 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 | CPB | SPY |
|---|---|---|
| 2022 | +34.8% | -18.2% |
| 2023 | -21.5% | +26.2% |
| 2024 | +0.1% | +24.9% |
| 2025 | -30.5% | +17.7% |
| 2026 | -12.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPB and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
FAQ
What is the correlation between CPB and SPY?
As of 2026-08-27, the correlation of weekly returns between CPB and SPY is 0.04 over 3 years, -0.00 over 1 year and 0.08 over 5 years.
Is SPY a good diversifier for CPB?
By historical standards, yes. A correlation of 0.04 means the two rarely move for the same reasons.
What does a correlation of 0.04 mean?
On the −1 to +1 scale, 0.04 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: CPB correlations · SPY correlations
