CRVL vs SPY: Correlation
How closely do CorVel Corp. (CRVL) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.29, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRVL and SPY?
On 3 years of weekly data the CRVL/SPY correlation comes out at 0.29, weak. The link has loosened recently: the 1-year correlation (0.07) runs below the 3-year figure (0.29). The 5-year figure is 0.34, and annualized covariance runs at 142.9 %².
Among the 16 assets we track against CRVL, SPY sits near the bottom by co-movement, at rank #12. The last year tells two different stories: SPY led by 43.6 percentage points, -23.0% for CRVL against +20.6% for SPY. One caveat on sizing: CRVL is 2.3 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CRVL vs SPY: side by side
| CRVL (CorVel Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -23.0% | +20.6% |
| 5-year return | +27.9% | +82.4% |
| Volatility (ann.) | 34.0% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -64.2% | -18.8% |
| Market cap | $3.5B | – |
| P/E (trailing) | 31.3 | – |
| 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 | CRVL | SPY |
|---|---|---|
| 2022 | -30.1% | -18.2% |
| 2023 | +70.1% | +26.2% |
| 2024 | +35.0% | +24.9% |
| 2025 | -39.2% | +17.7% |
| 2026 | +2.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRVL and SPY good diversifiers for each other?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CRVL and SPY?
As of 2026-08-27, the correlation of weekly returns between CRVL and SPY is 0.29 over 3 years, 0.07 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for CRVL?
A fair diversifier. At 0.29, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.29 mean?
A reading of 0.29 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: CRVL correlations · SPY correlations
