CVU vs SPY: Correlation
How closely do CPI Aerostructures, Inc. (CVU) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVU and SPY?
Over the past 3 years, CVU and SPY moved with a correlation of 0.18, which is weak. Little has changed lately, as the 1-year reading of 0.14 lands near the 3-year figure. Over 5 years the correlation is 0.14, and the annualized covariance of weekly returns is 147.1 %².
SPY is close to the least connected end of CVU's tracked universe, ranking #8 of 11. Correlation aside, the last 12 months split them widely, with CVU ahead by 99.2 points (+119.8% versus +20.6%). Note the risk asymmetry: CVU runs 3.8 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.
CVU vs SPY: side by side
| CVU (CPI Aerostructures, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +119.8% | +20.6% |
| 5-year return | +71.7% | +82.4% |
| Volatility (ann.) | 55.3% | 14.5% |
| Beta vs S&P 500 | 0.70 | 1.00 |
| Max drawdown (3Y) | -63.8% | -18.8% |
| Market cap | $0.1B | – |
| 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 | CVU | SPY |
|---|---|---|
| 2022 | +17.2% | -18.2% |
| 2023 | -14.7% | +26.2% |
| 2024 | +48.4% | +24.9% |
| 2025 | -2.2% | +17.7% |
| 2026 | +34.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVU and SPY good diversifiers for each other?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CVU and SPY?
As of 2026-08-27, the correlation of weekly returns between CVU and SPY is 0.18 over 3 years, 0.14 over 1 year and 0.14 over 5 years.
Is SPY a good diversifier for CVU?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.18 mean?
A reading of 0.18 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/cvu-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvu-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CVU correlations · SPY correlations
