CSW vs SPY: Correlation
Measured on weekly returns over the past three years, CSW Industrials, Inc. (CSW) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSW and SPY?
Over the past 3 years, CSW and SPY moved with a correlation of 0.51, which is moderate. The link has loosened recently: the 1-year correlation (0.30) runs below the 3-year figure (0.51). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 280.4 %².
Within CSW's tracked universe of 12 assets, SPY comes in at #6 by 3-year correlation. Neither side won the trailing year by much: +18.4% against +20.6%. Risk is not evenly split, since CSW carries 2.6 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.
CSW vs SPY: side by side
| CSW (CSW Industrials, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.4% | +20.6% |
| 5-year return | +140.7% | +82.4% |
| Volatility (ann.) | 37.7% | 14.5% |
| Beta vs S&P 500 | 1.34 | 1.00 |
| Max drawdown (3Y) | -46.2% | -18.8% |
| Market cap | $5.2B | – |
| P/E (trailing) | 44.2 | – |
| Dividend yield | 0.34% | 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 | CSW | SPY |
|---|---|---|
| 2022 | -3.5% | -18.2% |
| 2023 | +79.8% | +26.2% |
| 2024 | +70.6% | +24.9% |
| 2025 | -16.5% | +17.7% |
| 2026 | +8.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSW and SPY good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CSW and SPY?
As of 2026-08-27, the correlation of weekly returns between CSW and SPY is 0.51 over 3 years, 0.30 over 1 year and 0.46 over 5 years.
Is SPY a good diversifier for CSW?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.51 mean?
A reading of 0.51 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: CSW correlations · SPY correlations
