CRS vs SPY: Correlation
Carpenter Technology Corporation (CRS) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRS and SPY?
On 3 years of weekly data the CRS/SPY correlation comes out at 0.41, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.24 versus 0.41 over 3 years. The 5-year figure is 0.45, and annualized covariance runs at 275.4 %².
Within CRS's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CRS ahead by 85.6 points (+106.2% versus +20.6%). Note the risk asymmetry: CRS runs 3.2 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.
CRS vs SPY: side by side
| CRS (Carpenter Technology Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +106.2% | +20.6% |
| 5-year return | +1445.7% | +82.4% |
| Volatility (ann.) | 46.1% | 14.5% |
| Beta vs S&P 500 | 1.32 | 1.00 |
| Max drawdown (3Y) | -28.7% | -18.8% |
| Market cap | $24.3B | – |
| P/E (trailing) | 46.1 | – |
| Dividend yield | 0.17% | 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 | CRS | SPY |
|---|---|---|
| 2022 | +29.5% | -18.2% |
| 2023 | +94.5% | +26.2% |
| 2024 | +141.7% | +24.9% |
| 2025 | +86.2% | +17.7% |
| 2026 | +56.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRS and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CRS and SPY?
As of 2026-08-27, the correlation of weekly returns between CRS and SPY is 0.41 over 3 years, 0.24 over 1 year and 0.45 over 5 years.
Is SPY a good diversifier for CRS?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CRS correlations · SPY correlations
