EARN vs SPYV: Correlation
How closely do Ellington Credit Company (EARN) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EARN and SPYV?
Over the past 3 years, EARN and SPYV moved with a correlation of 0.65, which is strong. Lately the two have drifted apart, with the 1-year correlation at 0.51 versus 0.65 over 3 years. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 196.9 %².
By 3-year correlation, SPYV places #5 of the 14 assets tracked against EARN. Their recent paths diverged sharply: over the last 12 months SPYV outperformed by 26.4 percentage points (-7.9% for EARN against +18.5% for SPYV). Note the risk asymmetry: EARN runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
EARN vs SPYV: side by side
| EARN (Ellington Credit Company) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | -7.9% | +18.5% |
| 5-year return | -17.5% | +73.5% |
| Volatility (ann.) | 24.8% | 12.1% |
| Beta vs S&P 500 | 0.92 | 0.70 |
| Max drawdown (3Y) | -31.2% | -17.5% |
| Market cap | $0.2B | – |
| P/E (trailing) | 15.9 | – |
| Dividend yield | 21.57% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | US Listed | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | EARN | SPYV |
|---|---|---|
| 2022 | -25.0% | -5.3% |
| 2023 | +3.0% | +22.2% |
| 2024 | +24.6% | +12.2% |
| 2025 | -5.9% | +13.2% |
| 2026 | -5.0% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EARN and SPYV good diversifiers for each other?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EARN and SPYV?
As of 2026-08-27, the correlation of weekly returns between EARN and SPYV is 0.65 over 3 years, 0.51 over 1 year and 0.69 over 5 years.
Is SPYV a good diversifier for EARN?
To a limited degree. At 0.65 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/earn-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/earn-vs-spyv/)
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Related comparisons
Hubs: EARN correlations · SPYV correlations
