CSX vs SPY: Correlation
Measured on weekly returns over the past three years, CSX Corporation (CSX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.46, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSX and SPY?
Over the past 3 years, CSX and SPY moved with a correlation of 0.46, which is moderate. The link has loosened recently: the 1-year correlation (0.09) runs below the 3-year figure (0.46). Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 129.6 %².
By 3-year correlation, SPY places #18 of the 30 assets tracked against CSX. Their recent paths diverged sharply: over the last 12 months CSX outperformed by 40.0 percentage points (+60.6% for CSX against +20.6% for SPY). The relationship is regime-dependent: the rolling one-year correlation swung between 0.12 and 0.72 over the past three years, so this pair behaves very differently depending on the market environment.
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.
CSX vs SPY: side by side
| CSX (CSX Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +60.6% | +20.6% |
| 5-year return | +66.2% | +82.4% |
| Volatility (ann.) | 19.7% | 14.5% |
| Beta vs S&P 500 | 0.62 | 1.00 |
| Max drawdown (3Y) | -29.4% | -18.8% |
| Market cap | $95.5B | – |
| P/E (trailing) | 30.1 | – |
| Dividend yield | 1.04% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | CSX | SPY |
|---|---|---|
| 2022 | -16.6% | -18.2% |
| 2023 | +13.5% | +26.2% |
| 2024 | -5.6% | +24.9% |
| 2025 | +14.1% | +17.7% |
| 2026 | +43.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.15% of SPY is CSX itself, so the fund partly moves with the stock by construction.
Are CSX and SPY good diversifiers for each other?
Reasonably. At 0.46, CSX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CSX and SPY?
The CSX/SPY correlation stands at 0.46 on a 3-year window (1 year: 0.09, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CSX?
Reasonably. At 0.46, CSX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 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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Hubs: CSX correlations · SPY correlations
