CTO vs SPY: Correlation
CTO Realty Growth, Inc. (CTO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.32.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTO and SPY?
On 3 years of weekly data the CTO/SPY correlation comes out at 0.32, moderate. The link has loosened recently: the 1-year correlation (0.20) runs below the 3-year figure (0.32). The 5-year figure is 0.44, and annualized covariance runs at 82.5 %².
Among the 12 assets we track against CTO, SPY sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with CTO ahead by 15.2 points (+35.8% versus +20.6%).
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.
CTO vs SPY: side by side
| CTO (CTO Realty Growth, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.8% | +20.6% |
| 5-year return | +74.0% | +82.4% |
| Volatility (ann.) | 18.0% | 14.5% |
| Beta vs S&P 500 | 0.39 | 1.00 |
| Max drawdown (3Y) | -21.4% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 15.8 | – |
| Dividend yield | 7.00% | 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 | CTO | SPY |
|---|---|---|
| 2022 | -4.0% | -18.2% |
| 2023 | +3.7% | +26.2% |
| 2024 | +23.6% | +24.9% |
| 2025 | +1.6% | +17.7% |
| 2026 | +21.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTO and SPY good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CTO and SPY?
As of 2026-08-27, the correlation of weekly returns between CTO and SPY is 0.32 over 3 years, 0.20 over 1 year and 0.44 over 5 years.
Is SPY a good diversifier for CTO?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 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: CTO correlations · SPY correlations
