CRGY vs SPY: Correlation
Crescent Energy Company (CRGY) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRGY and SPY?
On 3 years of weekly data the CRGY/SPY correlation comes out at 0.24, weak. Lately the two have drifted apart, with the 1-year correlation at -0.27 versus 0.24 over 3 years. The 5-year figure is 0.29, and annualized covariance runs at 169.2 %².
Out of 15 assets tracked against CRGY, SPY lands near the bottom at #11. The last year tells two different stories: CRGY led by 32.5 percentage points, +53.1% for CRGY against +20.6% for SPY. Note the risk asymmetry: CRGY runs 3.4 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.
CRGY vs SPY: side by side
| CRGY (Crescent Energy Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +53.1% | +20.6% |
| 5-year return | -0.0% | +82.4% |
| Volatility (ann.) | 48.9% | 14.5% |
| Beta vs S&P 500 | 0.81 | 1.00 |
| Max drawdown (3Y) | -55.9% | -18.8% |
| Market cap | $5.4B | – |
| P/E (trailing) | 170.6 | – |
| Dividend yield | 3.59% | 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 | CRGY | SPY |
|---|---|---|
| 2022 | -1.5% | -18.2% |
| 2023 | +15.6% | +26.2% |
| 2024 | +15.2% | +24.9% |
| 2025 | -39.6% | +17.7% |
| 2026 | +67.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRGY and SPY good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CRGY and SPY?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with -0.27 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for CRGY?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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/crgy-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/crgy-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CRGY correlations · SPY correlations
