CVEO vs SPY: Correlation
Measured on weekly returns over the past three years, Civeo Corporation (Canada) (CVEO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVEO and SPY?
Across a 3-year window, the weekly returns of CVEO and SPY correlate at 0.06, near zero, meaning they move largely independently. The relationship has been stable: the 1-year correlation (0.05) sits close to the 3-year figure. Stretching to 5 years gives 0.18, with an annualized covariance of 32.7 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against CVEO. Their recent paths diverged sharply: over the last 12 months CVEO outperformed by 21.8 percentage points (+42.4% for CVEO against +20.6% for SPY). Risk is not evenly split, since CVEO carries 2.4 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.
CVEO vs SPY: side by side
| CVEO (Civeo Corporation (Canada)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +42.4% | +20.6% |
| 5-year return | +69.2% | +82.4% |
| Volatility (ann.) | 35.1% | 14.5% |
| Beta vs S&P 500 | 0.16 | 1.00 |
| Max drawdown (3Y) | -33.2% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| 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 | CVEO | SPY |
|---|---|---|
| 2022 | +62.2% | -18.2% |
| 2023 | -24.8% | +26.2% |
| 2024 | +3.6% | +24.9% |
| 2025 | +1.6% | +17.7% |
| 2026 | +47.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVEO and SPY good diversifiers for each other?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CVEO and SPY?
The CVEO/SPY correlation stands at 0.06 on a 3-year window (1 year: 0.05, 5 years: 0.18), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CVEO?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.06 mean?
A reading of 0.06 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: CVEO correlations · SPY correlations
