CSTE vs SPY: Correlation
Measured on weekly returns over the past three years, Caesarstone Ltd. (CSTE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.18, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSTE and SPY?
Over the past 3 years, CSTE and SPY moved with a correlation of 0.18, which is weak. Lately the two have moved closer together, with the 1-year correlation at 0.30 versus 0.18 over 3 years. Over 5 years the correlation is 0.15, and the annualized covariance of weekly returns is 265.2 %².
SPY is close to the least connected end of CSTE's tracked universe, ranking #8 of 11. The last year tells two different stories: CSTE led by 96.3 percentage points, +116.9% for CSTE against +20.6% for SPY. Risk is not evenly split, since CSTE carries 6.9 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.
CSTE vs SPY: side by side
| CSTE (Caesarstone Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +116.9% | +20.6% |
| 5-year return | -74.8% | +82.4% |
| Volatility (ann.) | 100.4% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -90.8% | -18.8% |
| Market cap | $0.1B | – |
| 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 | CSTE | SPY |
|---|---|---|
| 2022 | -48.4% | -18.2% |
| 2023 | -34.5% | +26.2% |
| 2024 | +13.6% | +24.9% |
| 2025 | -56.2% | +17.7% |
| 2026 | +72.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSTE and SPY good diversifiers for each other?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CSTE and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.30 over the last year and 0.15 over 5 years.
Is SPY a good diversifier for CSTE?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.18 mean?
A reading of 0.18 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cste-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cste-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CSTE correlations · SPY correlations
