CRGO vs SPY: Correlation
Freightos Limited (CRGO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRGO and SPY?
On 3 years of weekly data the CRGO/SPY correlation comes out at 0.31, moderate. The relationship has been stable: the 1-year correlation (0.24) sits close to the 3-year figure. The 5-year figure is 0.21, and annualized covariance runs at 374.7 %².
SPY is close to the least connected end of CRGO's tracked universe, ranking #8 of 12. The last year tells two different stories: SPY led by 82.3 percentage points, -61.7% for CRGO against +20.6% for SPY. Note the risk asymmetry: CRGO runs 5.7 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.
CRGO vs SPY: side by side
| CRGO (Freightos Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -61.7% | +20.6% |
| 5-year return | -86.7% | +82.4% |
| Volatility (ann.) | 82.7% | 14.5% |
| Beta vs S&P 500 | 1.79 | 1.00 |
| Max drawdown (3Y) | -72.6% | -18.8% |
| Market cap | $0.1B | – |
| 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 | CRGO | SPY |
|---|---|---|
| 2022 | +4.2% | -18.2% |
| 2023 | -67.3% | +26.2% |
| 2024 | -8.4% | +24.9% |
| 2025 | -25.2% | +17.7% |
| 2026 | -43.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRGO and SPY good diversifiers for each other?
Reasonably. At 0.31, CRGO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CRGO and SPY?
As of 2026-08-27, the correlation of weekly returns between CRGO and SPY is 0.31 over 3 years, 0.24 over 1 year and 0.21 over 5 years.
Is SPY a good diversifier for CRGO?
Reasonably. At 0.31, CRGO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.31 mean?
On the −1 to +1 scale, 0.31 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: CRGO correlations · SPY correlations
