CYD vs SPY: Correlation
China Yuchai International Limited (CYD) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CYD and SPY?
On 3 years of weekly data the CYD/SPY correlation comes out at 0.24, weak. The link has tightened recently: the 1-year correlation (0.41) runs above the 3-year figure (0.24). The 5-year figure is 0.27, and annualized covariance runs at 221.6 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against CYD. Over the last 12 months CYD came out ahead by 5.4 percentage points (+26.0% against +20.6%). Risk is not evenly split, since CYD carries 4.4 times the volatility of the other side.
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.
CYD vs SPY: side by side
| CYD (China Yuchai International Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.0% | +20.6% |
| 5-year return | +236.2% | +82.4% |
| Volatility (ann.) | 64.2% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -44.5% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 13.8 | – |
| 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 | CYD | SPY |
|---|---|---|
| 2022 | -50.3% | -18.2% |
| 2023 | +21.6% | +26.2% |
| 2024 | +17.7% | +24.9% |
| 2025 | +281.2% | +17.7% |
| 2026 | +16.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CYD and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CYD and SPY?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.41 over the last year and 0.27 over 5 years.
Is SPY a good diversifier for CYD?
Yes, to a useful degree: a correlation of 0.24 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.24 mean?
A reading of 0.24 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: CYD correlations · SPY correlations
