CVS vs SPY: Correlation
How closely do CVS Health (CVS) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.17, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVS and SPY?
Across a 3-year window, the weekly returns of CVS and SPY correlate at 0.17, weak. The link has loosened recently: the 1-year correlation (0.05) runs below the 3-year figure (0.17). Stretching to 5 years gives 0.26, with an annualized covariance of 83.3 %².
Among the 32 assets we track against CVS, SPY ranks #21 by 3-year correlation. Over the last 12 months CVS came out ahead by 12.7 percentage points (+33.3% against +20.6%). The rolling one-year correlation moved between 0.00 and 0.32 over the past three years, a moderate range. Note the risk asymmetry: CVS runs 2.4 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.
CVS vs SPY: side by side
| CVS (CVS Health) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +33.3% | +20.6% |
| 5-year return | +29.6% | +82.4% |
| Volatility (ann.) | 34.4% | 14.5% |
| Beta vs S&P 500 | 0.40 | 1.00 |
| Max drawdown (3Y) | -44.0% | -18.8% |
| Market cap | $118.8B | – |
| P/E (trailing) | 24.8 | – |
| Dividend yield | 2.82% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Health Care | 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 | CVS | SPY |
|---|---|---|
| 2022 | -7.6% | -18.2% |
| 2023 | -12.5% | +26.2% |
| 2024 | -40.8% | +24.9% |
| 2025 | +84.3% | +17.7% |
| 2026 | +19.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds CVS at a 0.18% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are CVS and SPY good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CVS and SPY?
As of 2026-08-27, the correlation of weekly returns between CVS and SPY is 0.17 over 3 years, 0.05 over 1 year and 0.26 over 5 years.
Is SPY a good diversifier for CVS?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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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Related comparisons
Hubs: CVS correlations · SPY correlations
