CSL vs SPY: Correlation
Measured on weekly returns over the past three years, Carlisle Companies Incorporated (CSL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSL and SPY?
Over the past 3 years, CSL and SPY moved with a correlation of 0.47, which is moderate. The past 12 months show a weaker link (0.18) than the 3-year average (0.47). Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 229.9 %².
Within CSL's tracked universe of 19 assets, SPY comes in at #13 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 27.0 percentage points (-6.4% for CSL against +20.6% for SPY). Note the risk asymmetry: CSL runs 2.3 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.
CSL vs SPY: side by side
| CSL (Carlisle Companies Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -6.4% | +20.6% |
| 5-year return | +78.0% | +82.4% |
| Volatility (ann.) | 33.9% | 14.5% |
| Beta vs S&P 500 | 1.10 | 1.00 |
| Max drawdown (3Y) | -37.7% | -18.8% |
| Market cap | $14.3B | – |
| P/E (trailing) | 20.5 | – |
| Dividend yield | 1.20% | 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 | CSL | SPY |
|---|---|---|
| 2022 | -4.1% | -18.2% |
| 2023 | +34.3% | +26.2% |
| 2024 | +19.1% | +24.9% |
| 2025 | -12.3% | +17.7% |
| 2026 | +13.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CSL and SPY?
As of 2026-08-27, the correlation of weekly returns between CSL and SPY is 0.47 over 3 years, 0.18 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for CSL?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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: CSL correlations · SPY correlations
