E vs SPY: Correlation
How closely do ENI S.p.A. (E) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.03, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are E and SPY?
On 3 years of weekly data the E/SPY correlation comes out at 0.03, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.31 versus 0.03 over 3 years. The 5-year figure is 0.26, and annualized covariance runs at 9.2 %².
Among the 11 assets we track against E, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: E led by 32.7 percentage points, +53.3% for E against +20.6% for SPY. Risk is not evenly split, since E carries 1.5 times the volatility of the other side.
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.
E vs SPY: side by side
| E (ENI S.p.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +53.3% | +20.6% |
| 5-year return | +193.3% | +82.4% |
| Volatility (ann.) | 22.4% | 14.5% |
| Beta vs S&P 500 | 0.04 | 1.00 |
| Max drawdown (3Y) | -20.1% | -18.8% |
| Market cap | $76.7B | – |
| P/E (trailing) | 11.9 | – |
| Dividend yield | 0.99% | 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 | E | SPY |
|---|---|---|
| 2022 | +10.9% | -18.2% |
| 2023 | +26.7% | +26.2% |
| 2024 | -14.0% | +24.9% |
| 2025 | +43.8% | +17.7% |
| 2026 | +43.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are E and SPY good diversifiers for each other?
Yes: at 0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between E and SPY?
Using weekly returns as of 2026-08-27: 0.03 over 3 years, with -0.31 over the last year and 0.26 over 5 years.
Is SPY a good diversifier for E?
Yes: at 0.03, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.03 mean?
On the −1 to +1 scale, 0.03 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: E correlations · SPY correlations
