CRT vs SPY: Correlation
How closely do Cross Timbers Royalty Trust (CRT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.04, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRT and SPY?
On 3 years of weekly data the CRT/SPY correlation comes out at 0.04, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.22) runs below the 3-year figure (0.04). The 5-year figure is 0.14, and annualized covariance runs at 23.4 %².
Within CRT's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. The trailing year gives CRT the advantage: +29.0% versus +20.6%, a 8.4-point spread. Note the risk asymmetry: CRT runs 2.5 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.
CRT vs SPY: side by side
| CRT (Cross Timbers Royalty Trust) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +29.0% | +20.6% |
| 5-year return | +30.9% | +82.4% |
| Volatility (ann.) | 36.4% | 14.5% |
| Beta vs S&P 500 | 0.11 | 1.00 |
| Max drawdown (3Y) | -63.5% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 19.8 | – |
| Dividend yield | 5.05% | 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 | CRT | SPY |
|---|---|---|
| 2022 | +145.9% | -18.2% |
| 2023 | -24.4% | +26.2% |
| 2024 | -39.1% | +24.9% |
| 2025 | -13.1% | +17.7% |
| 2026 | +36.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRT and SPY good diversifiers for each other?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CRT and SPY?
As of 2026-08-27, the correlation of weekly returns between CRT and SPY is 0.04 over 3 years, -0.22 over 1 year and 0.14 over 5 years.
Is SPY a good diversifier for CRT?
Yes: at 0.04, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.04 mean?
A reading of 0.04 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: CRT correlations · SPY correlations
