CVLT vs SPY: Correlation
How closely do Commvault Systems, Inc. (CVLT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVLT and SPY?
Across a 3-year window, the weekly returns of CVLT and SPY correlate at 0.42, moderate. Recent behaviour matches the longer record: 0.36 over 1 year against 0.42 over 3. Stretching to 5 years gives 0.42, with an annualized covariance of 269.7 %².
Out of 10 assets tracked against CVLT, SPY lands near the bottom at #7. The last year tells two different stories: SPY led by 44.4 percentage points, -23.8% for CVLT against +20.6% for SPY. One caveat on sizing: CVLT is 3.1 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.
CVLT vs SPY: side by side
| CVLT (Commvault Systems, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -23.8% | +20.6% |
| 5-year return | +73.1% | +82.4% |
| Volatility (ann.) | 44.6% | 14.5% |
| Beta vs S&P 500 | 1.29 | 1.00 |
| Max drawdown (3Y) | -61.5% | -18.8% |
| Market cap | $5.8B | – |
| P/E (trailing) | 86.1 | – |
| 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 | CVLT | SPY |
|---|---|---|
| 2022 | -8.8% | -18.2% |
| 2023 | +27.1% | +26.2% |
| 2024 | +89.0% | +24.9% |
| 2025 | -16.9% | +17.7% |
| 2026 | +12.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVLT and SPY good diversifiers for each other?
Reasonably. At 0.42, CVLT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CVLT and SPY?
As of 2026-08-27, the correlation of weekly returns between CVLT and SPY is 0.42 over 3 years, 0.36 over 1 year and 0.42 over 5 years.
Is SPY a good diversifier for CVLT?
Reasonably. At 0.42, CVLT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
A reading of 0.42 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvlt-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvlt-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVLT correlations · SPY correlations
