CRL vs SPY: Correlation
Charles River Laboratories (CRL) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRL and SPY?
Over the past 3 years, CRL and SPY moved with a correlation of 0.28, which is weak. Recent behaviour matches the longer record: 0.38 over 1 year against 0.28 over 3. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 191.4 %².
Within CRL's tracked universe of 33 assets, SPY comes in at #22 by 3-year correlation. The last year tells two different stories: CRL led by 61.5 percentage points, +82.1% for CRL against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between 0.06 and 0.71 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: CRL runs 3.3 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.
CRL vs SPY: side by side
| CRL (Charles River Laboratories) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +82.1% | +20.6% |
| 5-year return | -33.3% | +82.4% |
| Volatility (ann.) | 47.9% | 14.5% |
| Beta vs S&P 500 | 0.92 | 1.00 |
| Max drawdown (3Y) | -63.5% | -18.8% |
| Market cap | $14.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | CRL | SPY |
|---|---|---|
| 2022 | -42.2% | -18.2% |
| 2023 | +8.5% | +26.2% |
| 2024 | -21.9% | +24.9% |
| 2025 | +8.1% | +17.7% |
| 2026 | +48.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRL and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CRL and SPY?
As of 2026-08-27, the correlation of weekly returns between CRL and SPY is 0.28 over 3 years, 0.38 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for CRL?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CRL correlations · SPY correlations
