CSIQ vs SPY: Correlation
How closely do Canadian Solar Inc. (CSIQ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSIQ and SPY?
On 3 years of weekly data the CSIQ/SPY correlation comes out at 0.33, moderate. Little has changed lately, as the 1-year reading of 0.25 lands near the 3-year figure. The 5-year figure is 0.34, and annualized covariance runs at 380.7 %².
By 3-year correlation, SPY places #8 of the 15 assets tracked against CSIQ. On 12-month performance CSIQ holds a 14.6-point edge, +35.2% against +20.6%. Risk is not evenly split, since CSIQ carries 5.5 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.
CSIQ vs SPY: side by side
| CSIQ (Canadian Solar Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.2% | +20.6% |
| 5-year return | -62.6% | +82.4% |
| Volatility (ann.) | 79.8% | 14.5% |
| Beta vs S&P 500 | 1.82 | 1.00 |
| Max drawdown (3Y) | -76.1% | -18.8% |
| Market cap | $0.9B | – |
| 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 | CSIQ | SPY |
|---|---|---|
| 2022 | -1.2% | -18.2% |
| 2023 | -15.1% | +26.2% |
| 2024 | -57.6% | +24.9% |
| 2025 | +113.8% | +17.7% |
| 2026 | -41.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSIQ and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CSIQ and SPY?
As of 2026-08-27, the correlation of weekly returns between CSIQ and SPY is 0.33 over 3 years, 0.25 over 1 year and 0.34 over 5 years.
Is SPY a good diversifier for CSIQ?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 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: CSIQ correlations · SPY correlations
