CRDO vs SPY: Correlation
How closely do Credo Technology Group Holding Ltd (CRDO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRDO and SPY?
Over the past 3 years, CRDO and SPY moved with a correlation of 0.59, which is moderate. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 718.9 %².
By 3-year correlation, SPY places #8 of the 20 assets tracked against CRDO. Correlation aside, the last 12 months split them widely, with CRDO ahead by 75.1 points (+95.7% versus +20.6%). Note the risk asymmetry: CRDO runs 5.8 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.
CRDO vs SPY: side by side
| CRDO (Credo Technology Group Holding Ltd) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +95.7% | +20.6% |
| 5-year return | +1962.1% | +82.4% |
| Volatility (ann.) | 84.8% | 14.5% |
| Beta vs S&P 500 | 3.44 | 1.00 |
| Max drawdown (3Y) | -61.1% | -18.8% |
| Market cap | $45.1B | – |
| P/E (trailing) | 90.0 | – |
| 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 | CRDO | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | +46.3% | +26.2% |
| 2024 | +245.2% | +24.9% |
| 2025 | +114.1% | +17.7% |
| 2026 | +67.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRDO and SPY good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CRDO and SPY?
As of 2026-08-27, the correlation of weekly returns between CRDO and SPY is 0.59 over 3 years, 0.67 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for CRDO?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 mean?
On the −1 to +1 scale, 0.59 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/crdo-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/crdo-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CRDO correlations · SPY correlations
