CVKD vs SPY: Correlation
How closely do Cadrenal Therapeutics, Inc. (CVKD) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVKD and SPY?
On 3 years of weekly data the CVKD/SPY correlation comes out at 0.23, weak. The link has tightened recently: the 1-year correlation (0.36) runs above the 3-year figure (0.23). The 5-year figure is n/a, and annualized covariance runs at 316.1 %².
SPY is close to the least connected end of CVKD's tracked universe, ranking #6 of 10. The last year tells two different stories: SPY led by 109.4 percentage points, -88.8% for CVKD against +20.6% for SPY. Risk is not evenly split, since CVKD carries 6.5 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.
CVKD vs SPY: side by side
| CVKD (Cadrenal Therapeutics, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -88.8% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 94.8% | 14.5% |
| Beta vs S&P 500 | 1.51 | 1.00 |
| Max drawdown (3Y) | -94.4% | -18.8% |
| Market cap | – | – |
| 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 | CVKD | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +30.5% | +24.9% |
| 2025 | -53.2% | +17.7% |
| 2026 | -76.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVKD and SPY good diversifiers for each other?
Reasonably. At 0.23, CVKD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CVKD and SPY?
The CVKD/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.36, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CVKD?
Reasonably. At 0.23, CVKD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
On the −1 to +1 scale, 0.23 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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Hubs: CVKD correlations · SPY correlations
