CNM vs. SPY
CNM (Core & Main, 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, CNM returned 16.82%/yr vs 20.68%/yr for SPY. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
CNM vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, CNM achieves a -10.62% return, which is significantly lower than SPY's 8.15% return.
CNM
- 1D
- -1.69%
- 1M
- -1.73%
- YTD
- -10.62%
- 6M
- -13.57%
- 1Y
- -20.38%
- 3Y*
- 16.82%
- 5Y*
- —
- 10Y*
- —
SPY
- 1D
- -1.45%
- 1M
- -1.36%
- YTD
- 8.15%
- 6M
- 7.20%
- 1Y
- 23.59%
- 3Y*
- 20.68%
- 5Y*
- 13.05%
- 10Y*
- 15.53%
CNM vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CNM Core & Main, Inc. | -10.62% | 2.08% | 25.98% | 109.27% | -36.35% | 51.70% |
SPY State Street SPDR S&P 500 ETF | 8.15% | 17.72% | 24.89% | 26.18% | -18.18% | 10.03% |
Correlation
The correlation between CNM and SPY is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Jul 22, 2021 | 0.53 |
The correlation between CNM and SPY has been stable across timeframes, ranging from 0.45 to 0.53 - a consistent structural relationship.
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Return for Risk
CNM vs. SPY — Risk / Return Rank
CNM
SPY
CNM vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Core & Main, Inc. (CNM) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| CNM | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.41 | ||
| Sortino ratioReturn per unit of downside risk | -3.01 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.34 | -0.41 |
| Calmar ratioReturn relative to maximum drawdown | -0.60 | 2.67 | -3.27 |
| Martin ratioReturn relative to average drawdown | -0.97 | 11.92 | -12.89 |
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Drawdowns
CNM vs. SPY - Drawdown Comparison
The maximum CNM drawdown since its inception was -40.00%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CNM and SPY.
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Drawdown Indicators
| CNM | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -40.00% | -55.19% | +15.19% |
Max Drawdown (1Y)Largest decline over 1 year | -33.88% | -8.88% | -25.00% |
Max Drawdown (3Y)Largest decline over 3 years | -38.74% | -18.76% | -19.98% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -30.65% | -3.17% | -27.48% |
Average DrawdownAverage peak-to-trough decline | -17.23% | -9.04% | -8.19% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.95% | 1.98% | +18.97% |
Volatility
CNM vs. SPY - Volatility Comparison
Core & Main, Inc. (CNM) has a higher volatility of 11.52% compared to State Street SPDR S&P 500 ETF (SPY) at 4.87%. This indicates that CNM'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
| CNM | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.52% | 4.87% | +6.65% |
Volatility (6M)Calculated over the trailing 6-month period | 23.83% | 9.85% | +13.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 40.21% | 12.50% | +27.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 40.73% | 17.15% | +23.58% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 40.73% | 17.95% | +22.78% |
Dividends
CNM vs. SPY - Dividend Comparison
CNM has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.03%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CNM Core & Main, Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.03% | 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
CNM and SPY have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CNM has higher volatility (11.52%) compared to SPY (4.87%). In terms of maximum drawdown, CNM dropped -40.00% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.90 vs -0.51), 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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