CSAN vs SPY: Correlation
Cosan S.A. (CSAN) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.19.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSAN and SPY?
On 3 years of weekly data the CSAN/SPY correlation comes out at 0.19, weak. Little has changed lately, as the 1-year reading of 0.16 lands near the 3-year figure. The 5-year figure is 0.23, and annualized covariance runs at 122.9 %².
SPY is close to the least connected end of CSAN's tracked universe, ranking #7 of 11. The last year tells two different stories: SPY led by 52.6 percentage points, -32.0% for CSAN against +20.6% for SPY. One caveat on sizing: CSAN is 3.1 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.
CSAN vs SPY: side by side
| CSAN (Cosan S.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -32.0% | +20.6% |
| 5-year return | -81.8% | +82.4% |
| Volatility (ann.) | 44.6% | 14.5% |
| Beta vs S&P 500 | 0.59 | 1.00 |
| Max drawdown (3Y) | -84.7% | -18.8% |
| Market cap | $2.8B | – |
| P/E (trailing) | – | – |
| 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 | CSAN | SPY |
|---|---|---|
| 2022 | -14.6% | -18.2% |
| 2023 | +23.2% | +26.2% |
| 2024 | -64.0% | +24.9% |
| 2025 | -27.4% | +17.7% |
| 2026 | -29.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSAN and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between CSAN and SPY?
The CSAN/SPY correlation stands at 0.19 on a 3-year window (1 year: 0.16, 5 years: 0.23), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CSAN?
By historical standards, yes. A correlation of 0.19 means the two rarely move for the same reasons.
What does a correlation of 0.19 mean?
A reading of 0.19 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: CSAN correlations · SPY correlations
