CPF vs SPY: Correlation
How closely do Central Pacific Financial Corp New (CPF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPF and SPY?
Across a 3-year window, the weekly returns of CPF and SPY correlate at 0.46, moderate. The past 12 months show a weaker link (0.18) than the 3-year average (0.46). Stretching to 5 years gives 0.45, with an annualized covariance of 176.0 %².
By 3-year correlation, SPY places #13 of the 19 assets tracked against CPF. Neither side won the trailing year by much: +24.4% against +20.6%. Note the risk asymmetry: CPF runs 1.8 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.
CPF vs SPY: side by side
| CPF (Central Pacific Financial Corp New) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.4% | +20.6% |
| 5-year return | +85.5% | +82.4% |
| Volatility (ann.) | 26.5% | 14.5% |
| Beta vs S&P 500 | 0.84 | 1.00 |
| Max drawdown (3Y) | -25.2% | -18.8% |
| Market cap | $1.0B | – |
| P/E (trailing) | 12.2 | – |
| Dividend yield | 2.97% | 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 | CPF | SPY |
|---|---|---|
| 2022 | -24.7% | -18.2% |
| 2023 | +2.9% | +26.2% |
| 2024 | +54.3% | +24.9% |
| 2025 | +11.3% | +17.7% |
| 2026 | +23.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPF and SPY good diversifiers for each other?
Reasonably. At 0.46, CPF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CPF and SPY?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.18 over the last year and 0.45 over 5 years.
Is SPY a good diversifier for CPF?
Reasonably. At 0.46, CPF and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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: CPF correlations · SPY correlations
