CVCO vs SPY: Correlation
Cavco Industries, Inc. (CVCO) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVCO and SPY?
Over the past 3 years, CVCO and SPY moved with a correlation of 0.35, which is moderate. The past 12 months show a weaker link (0.24) than the 3-year average (0.35). Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 201.2 %².
Out of 13 assets tracked against CVCO, SPY lands near the bottom at #9. On 12-month performance SPY holds a 13.0-point edge, +7.6% against +20.6%. Note the risk asymmetry: CVCO runs 2.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CVCO vs SPY: side by side
| CVCO (Cavco Industries, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.6% | +20.6% |
| 5-year return | +119.4% | +82.4% |
| Volatility (ann.) | 39.8% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -34.7% | -18.8% |
| Market cap | $4.4B | – |
| P/E (trailing) | 25.1 | – |
| 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 | CVCO | SPY |
|---|---|---|
| 2022 | -28.8% | -18.2% |
| 2023 | +53.2% | +26.2% |
| 2024 | +28.7% | +24.9% |
| 2025 | +32.4% | +17.7% |
| 2026 | -3.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVCO and SPY good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CVCO and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.24 over the last year and 0.46 over 5 years.
Is SPY a good diversifier for CVCO?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
On the −1 to +1 scale, 0.35 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: CVCO correlations · SPY correlations
