CVSA vs SPY: Correlation
How closely do Covista Inc. (CVSA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVSA and SPY?
Across a 3-year window, the weekly returns of CVSA and SPY correlate at 0.21, weak. Recent behaviour matches the longer record: 0.11 over 1 year against 0.21 over 3. Stretching to 5 years gives 0.29, with an annualized covariance of 140.3 %².
Among the 16 assets we track against CVSA, SPY ranks #11 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 16.1 points (+4.5% versus +20.6%). Note the risk asymmetry: CVSA runs 3.2 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.
CVSA vs SPY: side by side
| CVSA (Covista Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.5% | +20.6% |
| 5-year return | +282.8% | +82.4% |
| Volatility (ann.) | 46.4% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -42.1% | -18.8% |
| Market cap | $4.8B | – |
| P/E (trailing) | 18.4 | – |
| 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 | CVSA | SPY |
|---|---|---|
| 2022 | +20.1% | -18.2% |
| 2023 | +66.1% | +26.2% |
| 2024 | +54.1% | +24.9% |
| 2025 | +13.9% | +17.7% |
| 2026 | +36.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVSA and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between CVSA and SPY?
As of 2026-08-27, the correlation of weekly returns between CVSA and SPY is 0.21 over 3 years, 0.11 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for CVSA?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
A reading of 0.21 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: CVSA correlations · SPY correlations
