CVI vs SPY: Correlation
CVR Energy Inc. (CVI) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.20.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVI and SPY?
Over the past 3 years, CVI and SPY moved with a correlation of 0.20, which is weak. The past 12 months show a weaker link (-0.23) than the 3-year average (0.20). Over 5 years the correlation is 0.20, and the annualized covariance of weekly returns is 147.8 %².
By 3-year correlation, SPY places #6 of the 12 assets tracked against CVI. Over the last 12 months CVI came out ahead by 14.7 percentage points (+35.3% against +20.6%). Note the risk asymmetry: CVI runs 3.6 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.
CVI vs SPY: side by side
| CVI (CVR Energy Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.3% | +20.6% |
| 5-year return | +297.3% | +82.4% |
| Volatility (ann.) | 51.8% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -56.2% | -18.8% |
| Market cap | $4.0B | – |
| P/E (trailing) | 58.5 | – |
| Dividend yield | 1.42% | 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 | CVI | SPY |
|---|---|---|
| 2022 | +115.4% | -18.2% |
| 2023 | +11.5% | +26.2% |
| 2024 | -34.9% | +24.9% |
| 2025 | +35.8% | +17.7% |
| 2026 | +57.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVI and SPY good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CVI and SPY?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with -0.23 over the last year and 0.20 over 5 years.
Is SPY a good diversifier for CVI?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 mean?
A reading of 0.20 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: CVI correlations · SPY correlations
