CWEN vs SPY: Correlation
Clearway Energy, Inc. (CWEN) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.12.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWEN and SPY?
On 3 years of weekly data the CWEN/SPY correlation comes out at 0.12, weak. The link has loosened recently: the 1-year correlation (-0.09) runs below the 3-year figure (0.12). The 5-year figure is 0.31, and annualized covariance runs at 53.7 %².
SPY is close to the least connected end of CWEN's tracked universe, ranking #7 of 11. The trailing year gives SPY the advantage: +14.7% versus +20.6%, a 5.9-point spread. Note the risk asymmetry: CWEN runs 2.1 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.
CWEN vs SPY: side by side
| CWEN (Clearway Energy, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.7% | +20.6% |
| 5-year return | +32.0% | +82.4% |
| Volatility (ann.) | 30.0% | 14.5% |
| Beta vs S&P 500 | 0.26 | 1.00 |
| Max drawdown (3Y) | -26.0% | -18.8% |
| Market cap | $8.0B | – |
| P/E (trailing) | 37.7 | – |
| Dividend yield | 5.62% | 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 | CWEN | SPY |
|---|---|---|
| 2022 | -7.9% | -18.2% |
| 2023 | -8.9% | +26.2% |
| 2024 | +0.9% | +24.9% |
| 2025 | +35.5% | +17.7% |
| 2026 | -0.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWEN and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
FAQ
What is the correlation between CWEN and SPY?
Using weekly returns as of 2026-08-27: 0.12 over 3 years, with -0.09 over the last year and 0.31 over 5 years.
Is SPY a good diversifier for CWEN?
By historical standards, yes. A correlation of 0.12 means the two rarely move for the same reasons.
What does a correlation of 0.12 mean?
On the −1 to +1 scale, 0.12 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: CWEN correlations · SPY correlations
