CPHC vs SPY: Correlation
Measured on weekly returns over the past three years, Canterbury Park Holding Corporation (CPHC) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.05, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPHC and SPY?
Over the past 3 years, CPHC and SPY moved with a correlation of 0.05, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.11) runs below the 3-year figure (0.05). Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is 20.3 %².
Among the 13 assets we track against CPHC, SPY ranks #7 by 3-year correlation. The last year tells two different stories: SPY led by 23.9 percentage points, -3.3% for CPHC against +20.6% for SPY. One caveat on sizing: CPHC is 1.9 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.
CPHC vs SPY: side by side
| CPHC (Canterbury Park Holding Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.3% | +20.6% |
| 5-year return | +6.8% | +82.4% |
| Volatility (ann.) | 28.1% | 14.5% |
| Beta vs S&P 500 | 0.10 | 1.00 |
| Max drawdown (3Y) | -48.8% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 793.5 | – |
| Dividend yield | 1.76% | 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 | CPHC | SPY |
|---|---|---|
| 2022 | +83.8% | -18.2% |
| 2023 | -33.8% | +26.2% |
| 2024 | +1.7% | +24.9% |
| 2025 | -23.6% | +17.7% |
| 2026 | +4.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPHC and SPY good diversifiers for each other?
Yes. With a correlation of 0.05, CPHC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CPHC and SPY?
The CPHC/SPY correlation stands at 0.05 on a 3-year window (1 year: -0.11, 5 years: -0.10), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CPHC?
Yes. With a correlation of 0.05, CPHC and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.05 mean?
On the −1 to +1 scale, 0.05 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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Hubs: CPHC correlations · SPY correlations
