CAC 40 vs S&P 500
Live side-by-side comparison with current values, changes, and key statistics.
Why This Comparison Matters
The CAC 40 is heavy in luxury (LVMH, Hermès, Kering) and industrial champions like Airbus and TotalEnergies. When CAC outperforms SPY, global luxury demand and European industrial cycles are strong. When SPY leads, US tech dominance usually coincides with a strong dollar and weaker European consumer demand.
Cross-Asset Analysis
CAC 40 measures CAC 40 index, the French large-cap equity benchmark, while S&P 500 ETF (SPY) measures SPDR S&P 500 ETF, tracks the benchmark US equity index; tracking the two side by side turns that distinction into a tradable signal for the cross asset pair relationship. Policy-driven transitions introduce sudden repricing into the CAC 40-S&P 500 ETF (SPY) relationship because the two markets react to policy guidance on different timescales. Leverage embedded in the paired markets behind CAC 40 and S&P 500 ETF (SPY) propagates the same shock at uneven magnitudes.
Tactical allocators rebalance across the CAC 40-S&P 500 ETF (SPY) spread based on where each asset sits relative to its model anchor. Real yields, liquidity conditions, and the dollar drive most cross-asset relationships, and when these change CAC 40 and S&P 500 ETF (SPY) both respond at different speeds. CAC 40 belongs to the EU/UK Equity space, whereas S&P 500 ETF (SPY) belongs to Equity Index, and the interaction between those two worlds is where the notable macro information surfaces.
The EU/UK Equity and Equity Index segments share underlying drivers but differ in sensitivity, and the CAC 40-S&P 500 ETF (SPY) spread surfaces those sensitivities. The bridge between CAC 40 and S&P 500 ETF (SPY) runs through shared macro drivers, and isolating the spread separates common factors from idiosyncratic noise.
90-Day Statistics
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Frequently Asked Questions
What is the relationship between CAC 40 and S&P 500 ETF (SPY)?+
CAC 40 and S&P 500 ETF (SPY) are connected through shared macro drivers across asset classes. When the dominant macro driver shifts, both respond, though with different sensitivities and at different speeds. The spread between CAC 40 and S&P 500 ETF (SPY) captures the specific macro signal that flows through this relationship.
When does CAC 40 typically lead S&P 500 ETF (SPY)?+
CAC 40 tends to lead S&P 500 ETF (SPY) during macro regime changes, where the more liquid asset moves first. In those periods, moves in CAC 40 precede corresponding moves in S&P 500 ETF (SPY) by days to weeks, depending on the transmission channel and the depth of each market.
How are CAC 40 and S&P 500 ETF (SPY) historically correlated?+
Long-run correlation between CAC 40 and S&P 500 ETF (SPY) varies by regime. Cross-asset correlations vary by regime, tending to tighten in stress and loosen during normal conditions. The correlation is not stable: it shifts with macro conditions, and the periods when it breaks down are often the most informative moments in the CAC 40-S&P 500 ETF (SPY) relationship.
What macro conditions drive divergence between CAC 40 and S&P 500 ETF (SPY)?+
Divergence between CAC 40 and S&P 500 ETF (SPY) typically arises from idiosyncratic shocks in one asset, policy interventions, or structural shifts in demand. When one asset's idiosyncratic drivers dominate, the spread moves in ways that the common macro story does not predict, which is usually a signal to look more carefully at the specific drivers at work in CAC 40 or S&P 500 ETF (SPY).
Is CAC 40 a hedge for S&P 500 ETF (SPY)?+
Cross-asset hedges between CAC 40 and S&P 500 ETF (SPY) work when the macro drivers of the two assets are sufficiently decorrelated, which depends on the regime and therefore needs to be reviewed as conditions change. Effective hedging requires matching the hedge to the specific risk being protected, and the CAC 40-S&P 500 ETF (SPY) pair is best stress-tested under scenarios the investor most worries about before being sized into a real portfolio.
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Data sourced from FRED, CoinGecko, CBOE, and other providers. This page is for informational purposes only and does not constitute financial advice. Past performance does not guarantee future results.