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CBL vs. SPY
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CBL vs. SPY

Last updated Jun 5, 2026

CBL (CBL & Associates Properties, Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 3 years, CBL returned 35.85%/yr vs 22.58%/yr for SPY. At a 0.39 correlation, their price movements are largely independent.

Performance

CBL vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CBL & Associates Properties, Inc. (CBL) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CBL achieves a 30.54% return, which is significantly higher than SPY's 11.33% return.

CBL

1D
0.11%
1M
8.57%
YTD
30.54%
6M
35.64%
1Y
103.20%
3Y*
35.85%
5Y*
—
10Y*
—

SPY

1D
0.38%
1M
4.60%
YTD
11.33%
6M
11.25%
1Y
28.50%
3Y*
22.58%
5Y*
13.91%
10Y*
15.48%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CBL vs. SPY - Yearly Performance Comparison

2026 (YTD)20252024202320222021
CBL
CBL & Associates Properties, Inc.		30.54%37.21%28.52%12.96%-17.96%4.00%
SPY
State Street SPDR S&P 500 ETF		11.33%17.72%24.89%26.18%-18.18%3.19%

Correlation

The correlation between CBL and SPY is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.26

Correlation (3Y)
Calculated over the trailing 3-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Nov 3, 2021

0.39

The correlation between CBL and SPY shifts across timeframes, from 0.26 (1 year) to 0.39 (all time), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

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CBL & Associates Properties, Inc.

State Street SPDR S&P 500 ETF

Often compared with CBL:
CBL vs. NXDTCBL vs. ARCCCBL vs. CVNACBL vs. CORCBL vs. DHCCBL vs. MTZ
Often compared with SPY:
SPY vs. QQQSPY vs. VOOSPY vs. BRK-BSPY vs. RSPSPY vs. VTISPY vs. SCHDSPY vs. GLD

Return for Risk

CBL vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CBL
CBL Risk / Return Rank: 9797
Overall Rank
CBL Sharpe Ratio Rank: 9797
Sharpe Ratio Rank
CBL Sortino Ratio Rank: 9797
Sortino Ratio Rank
CBL Omega Ratio Rank: 9595
Omega Ratio Rank
CBL Calmar Ratio Rank: 9696
Calmar Ratio Rank
CBL Martin Ratio Rank: 9797
Martin Ratio Rank
SPY
SPY Risk / Return Rank: 7474
Overall Rank
SPY Sharpe Ratio Rank: 7676
Sharpe Ratio Rank
SPY Sortino Ratio Rank: 7474
Sortino Ratio Rank
SPY Omega Ratio Rank: 7575
Omega Ratio Rank
SPY Calmar Ratio Rank: 6666
Calmar Ratio Rank
SPY Martin Ratio Rank: 7878
Martin Ratio Rank
The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CBL vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CBL & Associates Properties, Inc. (CBL) and State Street SPDR S&P 500 ETF (SPY). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

CBLSPYDifference
Sharpe ratioReturn per unit of total volatility
3.90
2.42

+1.48

Sortino ratioReturn per unit of downside risk
4.85
3.29

+1.56

Omega ratioGain probability vs. loss probability

1.59

1.44

+0.15

Calmar ratioReturn relative to maximum drawdown

8.38

3.22

+5.16

Martin ratioReturn relative to average drawdown

28.28

14.99

+13.29

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CBL vs. SPY - Sharpe Ratio Comparison

The current CBL Sharpe Ratio is 3.90, which is higher than the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of CBL and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CBLSPYDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

3.90

2.42

+1.48

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.82

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.87

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.60

0.59

+0.02

Drawdowns

CBL vs. SPY - Drawdown Comparison

The maximum CBL drawdown since its inception was -34.02%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CBL and SPY.

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Drawdown Indicators

CBLSPYDifference

Max Drawdown

Largest peak-to-trough decline

-34.02%

-55.19%

+21.17%

Max Drawdown (1Y)

Largest decline over 1 year

-12.31%

-8.88%

-3.43%

Max Drawdown (3Y)

Largest decline over 3 years

-29.14%

-18.76%

-10.38%

Max Drawdown (5Y)

Largest decline over 5 years

—

-24.50%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-33.72%

—

Current Drawdown

Current decline from peak

-1.98%

-0.33%

-1.65%

Average Drawdown

Average peak-to-trough decline

-12.48%

-9.05%

-3.43%

Ulcer Index

Depth and duration of drawdowns from previous peaks

3.65%

1.91%

+1.74%

Volatility

CBL vs. SPY - Volatility Comparison

CBL & Associates Properties, Inc. (CBL) has a higher volatility of 9.41% compared to State Street SPDR S&P 500 ETF (SPY) at 2.79%. This indicates that CBL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CBLSPYDifference

Volatility (1M)

Calculated over the trailing 1-month period

9.41%

2.79%

+6.62%

Volatility (6M)

Calculated over the trailing 6-month period

19.44%

8.91%

+10.53%

Volatility (1Y)

Calculated over the trailing 1-year period

26.47%

11.82%

+14.65%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.64%

17.05%

+14.59%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

31.64%

17.93%

+13.71%

Dividends

CBL vs. SPY - Dividend Comparison

CBL's dividend yield for the trailing twelve months is around 4.05%, more than SPY's 0.98% yield.

PositionTTM20252024202320222021202020192018201720162015
CBL
CBL & Associates Properties, Inc.		4.05%6.76%5.44%6.14%12.78%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
SPY
State Street SPDR S&P 500 ETF		0.98%1.07%1.21%1.40%1.65%1.20%1.52%1.75%2.04%1.80%2.03%2.06%

Frequently Asked Questions

CBL and SPY have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CBL has higher volatility (9.41%) compared to SPY (2.79%). In terms of maximum drawdown, CBL dropped -34.02% vs SPY's -55.19%.

CBL currently has the higher Sharpe Ratio (3.90 vs 2.42), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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