CRM vs SPY: Correlation
How closely do Salesforce (CRM) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRM and SPY?
Across a 3-year window, the weekly returns of CRM and SPY correlate at 0.46, moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.46). Stretching to 5 years gives 0.59, with an annualized covariance of 251.7 %².
Among the 68 assets we track against CRM, SPY ranks #53 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.0 percentage points (+1.6% for CRM against +20.6% for SPY). The relationship is regime-dependent: the rolling one-year correlation swung between 0.25 and 0.77 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since CRM carries 2.6 times the volatility of the other side.
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.
CRM vs SPY: side by side
| CRM (Salesforce) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.6% | +20.6% |
| 5-year return | -3.2% | +82.4% |
| Volatility (ann.) | 37.6% | 14.5% |
| Beta vs S&P 500 | 1.21 | 1.00 |
| Max drawdown (3Y) | -58.7% | -18.8% |
| Market cap | $207.4B | – |
| P/E (trailing) | 18.8 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | 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 | CRM | SPY |
|---|---|---|
| 2022 | -47.8% | -18.2% |
| 2023 | +98.5% | +26.2% |
| 2024 | +27.8% | +24.9% |
| 2025 | -20.2% | +17.7% |
| 2026 | -4.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.25% of SPY is CRM itself, so the fund partly moves with the stock by construction.
Are CRM and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CRM and SPY?
As of 2026-08-27, the correlation of weekly returns between CRM and SPY is 0.46 over 3 years, 0.21 over 1 year and 0.59 over 5 years.
Is SPY a good diversifier for CRM?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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: CRM correlations · SPY correlations
