CPRI vs SPY: Correlation
Capri Holdings Limited (CPRI) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPRI and SPY?
Across a 3-year window, the weekly returns of CPRI and SPY correlate at 0.40, moderate. Little has changed lately, as the 1-year reading of 0.37 lands near the 3-year figure. Stretching to 5 years gives 0.43, with an annualized covariance of 298.5 %².
Among the 10 assets we track against CPRI, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 59.4 percentage points (-38.8% for CPRI against +20.6% for SPY). Note the risk asymmetry: CPRI runs 3.6 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.
CPRI vs SPY: side by side
| CPRI (Capri Holdings Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -38.8% | +20.6% |
| 5-year return | -76.8% | +82.4% |
| Volatility (ann.) | 52.2% | 14.5% |
| Beta vs S&P 500 | 1.43 | 1.00 |
| Max drawdown (3Y) | -76.4% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 17.3 | – |
| Dividend yield | 0.00% | 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 | CPRI | SPY |
|---|---|---|
| 2022 | -11.7% | -18.2% |
| 2023 | -12.4% | +26.2% |
| 2024 | -58.1% | +24.9% |
| 2025 | +15.9% | +17.7% |
| 2026 | -46.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPRI and SPY good diversifiers for each other?
Reasonably. At 0.40, CPRI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CPRI and SPY?
The CPRI/SPY correlation stands at 0.40 on a 3-year window (1 year: 0.37, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CPRI?
Reasonably. At 0.40, CPRI and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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: CPRI correlations · SPY correlations
