CVR vs SPY: Correlation
How closely do Chicago Rivet & Machine Co. (CVR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.28, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVR and SPY?
On 3 years of weekly data the CVR/SPY correlation comes out at 0.28, weak. Little has changed lately, as the 1-year reading of 0.21 lands near the 3-year figure. The 5-year figure is 0.22, and annualized covariance runs at 202.5 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against CVR. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 19.6 percentage points (+1.0% for CVR against +20.6% for SPY). Risk is not evenly split, since CVR carries 3.5 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.
CVR vs SPY: side by side
| CVR (Chicago Rivet & Machine Co.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +1.0% | +20.6% |
| 5-year return | -56.4% | +82.4% |
| Volatility (ann.) | 50.8% | 14.5% |
| Beta vs S&P 500 | 0.97 | 1.00 |
| Max drawdown (3Y) | -58.1% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.87% | 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 | CVR | SPY |
|---|---|---|
| 2022 | +12.5% | -18.2% |
| 2023 | -39.0% | +26.2% |
| 2024 | -4.8% | +24.9% |
| 2025 | -11.3% | +17.7% |
| 2026 | -27.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVR and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CVR and SPY?
The CVR/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.21, 5 years: 0.22), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CVR?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 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: CVR correlations · SPY correlations
