CVX vs SPY: Correlation
How closely do Chevron Corporation (CVX) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.14, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVX and SPY?
Over the past 3 years, CVX and SPY moved with a correlation of 0.14, which is weak. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (0.14). Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 46.7 %².
Among the 29 assets we track against CVX, SPY ranks #18 by 3-year correlation. On 12-month performance CVX holds a 9.8-point edge, +30.4% against +20.6%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.36 to 0.46. One caveat on sizing: CVX is 1.6 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.
CVX vs SPY: side by side
| CVX (Chevron Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +30.4% | +20.6% |
| 5-year return | +148.1% | +82.4% |
| Volatility (ann.) | 23.8% | 14.5% |
| Beta vs S&P 500 | 0.22 | 1.00 |
| Max drawdown (3Y) | -20.8% | -18.8% |
| Market cap | $391.9B | – |
| P/E (trailing) | 19.3 | – |
| Dividend yield | 3.49% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | 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 | CVX | SPY |
|---|---|---|
| 2022 | +58.5% | -18.2% |
| 2023 | -13.6% | +26.2% |
| 2024 | +1.3% | +24.9% |
| 2025 | +10.1% | +17.7% |
| 2026 | +34.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
CVX represents 0.57% of SPY's portfolio, so part of any move in SPY is CVX itself, and the correlation between them is partly mechanical.
Are CVX and SPY good diversifiers for each other?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CVX and SPY?
Using weekly returns as of 2026-08-27: 0.14 over 3 years, with -0.36 over the last year and 0.24 over 5 years.
Is SPY a good diversifier for CVX?
Yes: at 0.14, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.14 mean?
On the −1 to +1 scale, 0.14 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: CVX correlations · SPY correlations
