CPT vs SPY: Correlation
Measured on weekly returns over the past three years, Camden Property Trust (CPT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.38, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPT and SPY?
Over the past 3 years, CPT and SPY moved with a correlation of 0.38, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.04 versus 0.38 over 3 years. Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 115.3 %².
Within CPT's tracked universe of 33 assets, SPY comes in at #22 by 3-year correlation. The last year tells two different stories: SPY led by 21.0 percentage points, -0.4% for CPT against +20.6% for SPY. This link changes with the market regime, having swung between 0.02 and 0.70 on a rolling one-year basis.
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.
CPT vs SPY: side by side
| CPT (Camden Property Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -0.4% | +20.6% |
| 5-year return | -15.4% | +82.4% |
| Volatility (ann.) | 21.3% | 14.5% |
| Beta vs S&P 500 | 0.55 | 1.00 |
| Max drawdown (3Y) | -21.7% | -18.8% |
| Market cap | $12.2B | – |
| P/E (trailing) | 35.5 | – |
| Dividend yield | 3.92% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | CPT | SPY |
|---|---|---|
| 2022 | -35.6% | -18.2% |
| 2023 | -7.6% | +26.2% |
| 2024 | +21.3% | +24.9% |
| 2025 | -1.5% | +17.7% |
| 2026 | -2.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPT and SPY good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CPT and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.04 over the last year and 0.52 over 5 years.
Is SPY a good diversifier for CPT?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 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: CPT correlations · SPY correlations
