CRON vs SPY: Correlation
Measured on weekly returns over the past three years, Cronos Group Inc. - Common Share (CRON) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRON and SPY?
On 3 years of weekly data the CRON/SPY correlation comes out at 0.26, weak. Lately the two have drifted apart, with the 1-year correlation at 0.09 versus 0.26 over 3 years. The 5-year figure is 0.31, and annualized covariance runs at 156.9 %².
SPY is close to the least connected end of CRON's tracked universe, ranking #9 of 13. Over the last 12 months CRON came out ahead by 11.8 percentage points (+32.4% against +20.6%). Note the risk asymmetry: CRON runs 2.9 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.
CRON vs SPY: side by side
| CRON (Cronos Group Inc. - Common Share) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +32.4% | +20.6% |
| 5-year return | -47.1% | +82.4% |
| Volatility (ann.) | 41.8% | 14.5% |
| Beta vs S&P 500 | 0.75 | 1.00 |
| Max drawdown (3Y) | -46.4% | -18.8% |
| Market cap | $1.2B | – |
| P/E (trailing) | 18.8 | – |
| 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 | CRON | SPY |
|---|---|---|
| 2022 | -35.2% | -18.2% |
| 2023 | -17.7% | +26.2% |
| 2024 | -3.3% | +24.9% |
| 2025 | +30.2% | +17.7% |
| 2026 | +28.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRON and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CRON and SPY?
The CRON/SPY correlation stands at 0.26 on a 3-year window (1 year: 0.09, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CRON?
Yes, to a useful degree: a correlation of 0.26 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.26 mean?
A reading of 0.26 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: CRON correlations · SPY correlations
