CVGI vs SPY: Correlation
Measured on weekly returns over the past three years, Commercial Vehicle Group, Inc. (CVGI) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.14, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVGI and SPY?
On 3 years of weekly data the CVGI/SPY correlation comes out at 0.14, weak. The link has loosened recently: the 1-year correlation (0.00) runs below the 3-year figure (0.14). The 5-year figure is 0.26, and annualized covariance runs at 161.3 %².
Among the 16 assets we track against CVGI, SPY ranks #10 by 3-year correlation. The last year tells two different stories: CVGI led by 58.1 percentage points, +78.7% for CVGI against +20.6% for SPY. One caveat on sizing: CVGI is 5.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
CVGI vs SPY: side by side
| CVGI (Commercial Vehicle Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +78.7% | +20.6% |
| 5-year return | -70.3% | +82.4% |
| Volatility (ann.) | 81.5% | 14.5% |
| Beta vs S&P 500 | 0.77 | 1.00 |
| Max drawdown (3Y) | -91.0% | -18.8% |
| Market cap | $0.1B | – |
| 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 | CVGI | SPY |
|---|---|---|
| 2022 | -15.5% | -18.2% |
| 2023 | +2.9% | +26.2% |
| 2024 | -64.6% | +24.9% |
| 2025 | -41.9% | +17.7% |
| 2026 | +120.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVGI and SPY good diversifiers for each other?
Yes. With a correlation of 0.14, CVGI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CVGI and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with 0.00 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for CVGI?
Yes. With a correlation of 0.14, CVGI and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvgi-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvgi-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVGI correlations · SPY correlations
