CTRE vs SPY: Correlation
Measured on weekly returns over the past three years, CareTrust REIT, Inc. (CTRE) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.12, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CTRE and SPY?
Across a 3-year window, the weekly returns of CTRE and SPY correlate at 0.12, weak. Little has changed lately, as the 1-year reading of 0.14 lands near the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 37.5 %².
Within CTRE's tracked universe of 11 assets, SPY comes in at #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +18.3% for CTRE and +20.6% for SPY.
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.
CTRE vs SPY: side by side
| CTRE (CareTrust REIT, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +18.3% | +20.6% |
| 5-year return | +130.3% | +82.4% |
| Volatility (ann.) | 21.1% | 14.5% |
| Beta vs S&P 500 | 0.18 | 1.00 |
| Max drawdown (3Y) | -23.2% | -18.8% |
| Market cap | $9.3B | – |
| P/E (trailing) | 24.9 | – |
| Dividend yield | 3.63% | 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 | CTRE | SPY |
|---|---|---|
| 2022 | -13.7% | -18.2% |
| 2023 | +27.3% | +26.2% |
| 2024 | +26.3% | +24.9% |
| 2025 | +39.4% | +17.7% |
| 2026 | +11.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CTRE and SPY good diversifiers for each other?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CTRE and SPY?
As of 2026-08-27, the correlation of weekly returns between CTRE and SPY is 0.12 over 3 years, 0.14 over 1 year and 0.36 over 5 years.
Is SPY a good diversifier for CTRE?
Yes: at 0.12, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 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: CTRE correlations · SPY correlations
