CZR vs SPY: Correlation
How closely do Caesars Entertainment, Inc. (CZR) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CZR and SPY?
On 3 years of weekly data the CZR/SPY correlation comes out at 0.49, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.19 versus 0.49 over 3 years. The 5-year figure is 0.62, and annualized covariance runs at 298.0 %².
Among the 13 assets we track against CZR, SPY ranks #8 by 3-year correlation. Over the last 12 months SPY came out ahead by 10.7 percentage points (+9.9% against +20.6%). One caveat on sizing: CZR is 2.9 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.
CZR vs SPY: side by side
| CZR (Caesars Entertainment, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.9% | +20.6% |
| 5-year return | -71.0% | +82.4% |
| Volatility (ann.) | 41.8% | 14.5% |
| Beta vs S&P 500 | 1.43 | 1.00 |
| Max drawdown (3Y) | -67.5% | -18.8% |
| Market cap | $6.0B | – |
| P/E (trailing) | – | – |
| 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 | CZR | SPY |
|---|---|---|
| 2022 | -55.5% | -18.2% |
| 2023 | +12.7% | +26.2% |
| 2024 | -28.7% | +24.9% |
| 2025 | -30.0% | +17.7% |
| 2026 | +26.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CZR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CZR and SPY?
As of 2026-08-27, the correlation of weekly returns between CZR and SPY is 0.49 over 3 years, 0.19 over 1 year and 0.62 over 5 years.
Is SPY a good diversifier for CZR?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 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: CZR correlations · SPY correlations
