CXT vs SPY: Correlation
Measured on weekly returns over the past three years, Crane NXT, Co. (CXT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CXT and SPY?
On 3 years of weekly data the CXT/SPY correlation comes out at 0.39, moderate. Little has changed lately, as the 1-year reading of 0.31 lands near the 3-year figure. The 5-year figure is 0.48, and annualized covariance runs at 203.8 %².
Out of 11 assets tracked against CXT, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 38.0 percentage points (-17.4% for CXT against +20.6% for SPY). Note the risk asymmetry: CXT runs 2.5 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.
CXT vs SPY: side by side
| CXT (Crane NXT, Co.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -17.4% | +20.6% |
| 5-year return | +48.9% | +82.4% |
| Volatility (ann.) | 35.7% | 14.5% |
| Beta vs S&P 500 | 0.98 | 1.00 |
| Max drawdown (3Y) | -47.0% | -18.8% |
| Market cap | $2.9B | – |
| P/E (trailing) | 20.5 | – |
| Dividend yield | 1.38% | 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 | CXT | SPY |
|---|---|---|
| 2022 | +0.6% | -18.2% |
| 2023 | +64.9% | +26.2% |
| 2024 | +3.5% | +24.9% |
| 2025 | -18.2% | +17.7% |
| 2026 | +6.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CXT and SPY good diversifiers for each other?
Reasonably. At 0.39, CXT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CXT and SPY?
As of 2026-08-27, the correlation of weekly returns between CXT and SPY is 0.39 over 3 years, 0.31 over 1 year and 0.48 over 5 years.
Is SPY a good diversifier for CXT?
Reasonably. At 0.39, CXT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CXT correlations · SPY correlations
