CPRT vs SPY: Correlation
Copart (CPRT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPRT and SPY?
Across a 3-year window, the weekly returns of CPRT and SPY correlate at 0.48, moderate. The past 12 months show a weaker link (0.20) than the 3-year average (0.48). Stretching to 5 years gives 0.59, with an annualized covariance of 180.4 %².
Within CPRT's tracked universe of 35 assets, SPY comes in at #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 53.2 percentage points (-32.6% for CPRT against +20.6% for SPY). On a rolling one-year basis the correlation drifted between 0.28 and 0.73, a moderate band. Risk is not evenly split, since CPRT carries 1.8 times the volatility of the other side.
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.
CPRT vs SPY: side by side
| CPRT (Copart) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -32.6% | +20.6% |
| 5-year return | -9.3% | +82.4% |
| Volatility (ann.) | 26.0% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -57.4% | -18.8% |
| Market cap | $30.3B | – |
| P/E (trailing) | 20.2 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | CPRT | SPY |
|---|---|---|
| 2022 | -19.7% | -18.2% |
| 2023 | +60.9% | +26.2% |
| 2024 | +17.1% | +24.9% |
| 2025 | -31.8% | +17.7% |
| 2026 | -16.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPRT and SPY good diversifiers for each other?
Reasonably. At 0.48, CPRT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CPRT and SPY?
As of 2026-08-27, the correlation of weekly returns between CPRT and SPY is 0.48 over 3 years, 0.20 over 1 year and 0.59 over 5 years.
Is SPY a good diversifier for CPRT?
Reasonably. At 0.48, CPRT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 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: CPRT correlations · SPY correlations
