CSGP vs SPY: Correlation
How closely do CoStar Group (CSGP) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSGP and SPY?
On 3 years of weekly data the CSGP/SPY correlation comes out at 0.34, moderate. The link has loosened recently: the 1-year correlation (0.14) runs below the 3-year figure (0.34). The 5-year figure is 0.47, and annualized covariance runs at 178.7 %².
By 3-year correlation, SPY places #21 of the 34 assets tracked against CSGP. The last year tells two different stories: SPY led by 85.6 percentage points, -65.0% for CSGP against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between 0.12 and 0.68 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since CSGP carries 2.5 times the volatility of the other side.
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.
CSGP vs SPY: side by side
| CSGP (CoStar Group) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -65.0% | +20.6% |
| 5-year return | -62.7% | +82.4% |
| Volatility (ann.) | 36.5% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -72.2% | -18.8% |
| Market cap | $12.7B | – |
| P/E (trailing) | 174.1 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Real Estate | 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 | CSGP | SPY |
|---|---|---|
| 2022 | -2.2% | -18.2% |
| 2023 | +13.1% | +26.2% |
| 2024 | -18.1% | +24.9% |
| 2025 | -6.1% | +17.7% |
| 2026 | -53.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSGP and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CSGP and SPY?
As of 2026-08-27, the correlation of weekly returns between CSGP and SPY is 0.34 over 3 years, 0.14 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for CSGP?
Yes, to a useful degree: a correlation of 0.34 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CSGP correlations · SPY correlations
