CRDL vs SPY: Correlation
How closely do Cardiol Therapeutics Inc. - Class A (CRDL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRDL and SPY?
On 3 years of weekly data the CRDL/SPY correlation comes out at 0.23, weak. Lately the two have drifted apart, with the 1-year correlation at 0.11 versus 0.23 over 3 years. The 5-year figure is 0.22, and annualized covariance runs at 255.4 %².
Out of 10 assets tracked against CRDL, SPY lands near the bottom at #6. Their recent paths diverged sharply: over the last 12 months CRDL outperformed by 63.3 percentage points (+83.9% for CRDL against +20.6% for SPY). Note the risk asymmetry: CRDL runs 5.3 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.
CRDL vs SPY: side by side
| CRDL (Cardiol Therapeutics Inc. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +83.9% | +20.6% |
| 5-year return | -43.7% | +82.4% |
| Volatility (ann.) | 77.0% | 14.5% |
| Beta vs S&P 500 | 1.22 | 1.00 |
| Max drawdown (3Y) | -72.7% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| 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 | CRDL | SPY |
|---|---|---|
| 2022 | -72.4% | -18.2% |
| 2023 | +65.3% | +26.2% |
| 2024 | +51.8% | +24.9% |
| 2025 | -25.5% | +17.7% |
| 2026 | +115.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRDL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CRDL and SPY?
The CRDL/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.11, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CRDL?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 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: CRDL correlations · SPY correlations
