CVI vs. SPY

Last updated Jun 6, 2026

CVI (CVR Energy, 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 10 years, CVI returned 19.37%/yr vs 15.16%/yr for SPY. At a 0.41 correlation, their price movements are largely independent.

Performance

CVI vs. SPY - Performance Comparison

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

Returns By Period

In the year-to-date period, CVI achieves a 32.73% return, which is significantly higher than SPY's 8.45% return. Over the past 10 years, CVI has outperformed SPY with an annualized return of 19.37%, while SPY has yielded a comparatively lower 15.16% annualized return.

CVI

• 1D: -1.78%
• 1M: 1.40%
• YTD: 32.73%
• 6M: 0.67%
• 1Y: 45.42%
• 3Y*: 19.66%
• 5Y*: 29.86%
• 10Y*: 19.37%

SPY

• 1D: -2.58%
• 1M: 0.51%
• YTD: 8.45%
• 6M: 8.18%
• 1Y: 25.79%
• 3Y*: 21.43%
• 5Y*: 13.32%
• 10Y*: 15.16%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CVI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CVI CVR Energy, Inc.	32.73%	51.83%	-34.88%	11.51%	210.18%	25.69%	-61.31%	25.44%	-0.80%	59.94%
SPY State Street SPDR S&P 500 ETF	8.45%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Correlation

The correlation between CVI and SPY is -0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.07
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (5Y) Calculated over the trailing 5-year period	0.22
Correlation (10Y) Calculated over the trailing 10-year period	0.30
Correlation (All Time) Calculated using the full available price history since Oct 24, 2007	0.41

The correlation between CVI and SPY shifts across timeframes, from -0.07 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

Return for Risk

CVI vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CVI

CVI Risk / Return Rank: 64
CVI Sharpe Ratio Rank: 69
CVI Sortino Ratio Rank: 65
CVI Omega Ratio Rank: 63
CVI Calmar Ratio Rank: 61
CVI Martin Ratio Rank: 61

SPY

SPY Risk / Return Rank: 66
SPY Sharpe Ratio Rank: 66
SPY Sortino Ratio Rank: 63
SPY Omega Ratio Rank: 66
SPY Calmar Ratio Rank: 60
SPY Martin Ratio Rank: 73

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.

CVI vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CVR Energy, Inc. (CVI) 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.

	CVI	SPY	Difference
Sharpe ratio: Return per unit of total volatility	0.88	2.14	-1.26
Sortino ratio: Return per unit of downside risk	1.48	2.88	-1.40
Omega ratio: Gain probability vs. loss probability	1.18	1.39	-0.21
Calmar ratio: Return relative to maximum drawdown	0.95	2.92	-1.97
Martin ratio: Return relative to average drawdown	2.06	13.50	-11.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CVI vs. SPY - Sharpe Ratio Comparison

The current CVI Sharpe Ratio is 0.88, which is lower than the SPY Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of CVI 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.

Sharpe Ratios by Period

	CVI	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	2.14	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.78	-0.27
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.85	-0.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.58	-0.38

Drawdowns

CVI vs. SPY - Drawdown Comparison

The maximum CVI drawdown since its inception was -92.39%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for CVI and SPY.

Drawdown Indicators

	CVI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-92.39%	-55.19%	-37.20%
Max Drawdown (1Y) Largest decline over 1 year	-48.21%	-8.88%	-39.33%
Max Drawdown (3Y) Largest decline over 3 years	-56.17%	-18.76%	-37.41%
Max Drawdown (5Y) Largest decline over 5 years	-56.17%	-24.50%	-31.67%
Max Drawdown (10Y) Largest decline over 10 years	-80.26%	-33.72%	-46.54%
Current Drawdown Current decline from peak	-15.61%	-2.90%	-12.71%
Average Drawdown Average peak-to-trough decline	-35.17%	-9.05%	-26.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.08%	1.91%	+20.17%

Volatility

CVI vs. SPY - Volatility Comparison

CVR Energy, Inc. (CVI) has a higher volatility of 13.41% compared to State Street SPDR S&P 500 ETF (SPY) at 3.73%. This indicates that CVI'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.

Volatility by Period

	CVI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.41%	3.73%	+9.68%
Volatility (6M) Calculated over the trailing 6-month period	40.50%	9.31%	+31.19%
Volatility (1Y) Calculated over the trailing 1-year period	51.85%	12.12%	+39.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.20%	17.09%	+41.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	59.09%	17.95%	+41.14%

Dividends

CVI vs. SPY - Dividend Comparison

CVI's dividend yield for the trailing twelve months is around 1.42%, more than SPY's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CVI CVR Energy, Inc.	1.42%	8.88%	8.00%	14.85%	32.04%	14.28%	8.05%	7.54%	7.25%	5.37%	7.88%	5.08%
SPY State Street SPDR S&P 500 ETF	1.00%	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

Can I hold both CVI and SPY in my portfolio?

CVI and SPY have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CVI or SPY?

CVI has higher volatility (13.41%) compared to SPY (3.73%). In terms of maximum drawdown, CVI dropped -92.39% vs SPY's -55.19%.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.14 vs 0.88), 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.