EBF vs SPY: Correlation
How closely do Ennis, Inc. (EBF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.23, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EBF and SPY?
Across a 3-year window, the weekly returns of EBF and SPY correlate at 0.23, weak. The link has loosened recently: the 1-year correlation (-0.10) runs below the 3-year figure (0.23). Stretching to 5 years gives 0.35, with an annualized covariance of 61.6 %².
Among the 11 assets we track against EBF, SPY sits near the bottom by co-movement, at rank #7. Twelve-month performance is nearly a tie, at +22.1% for EBF and +20.6% for SPY.
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.
EBF vs SPY: side by side
| EBF (Ennis, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.1% | +20.6% |
| 5-year return | +57.8% | +82.4% |
| Volatility (ann.) | 18.2% | 14.5% |
| Beta vs S&P 500 | 0.29 | 1.00 |
| Max drawdown (3Y) | -22.8% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 12.9 | – |
| Dividend yield | 4.66% | 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 | EBF | SPY |
|---|---|---|
| 2022 | +19.4% | -18.2% |
| 2023 | +3.6% | +26.2% |
| 2024 | +12.6% | +24.9% |
| 2025 | -10.0% | +17.7% |
| 2026 | +23.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EBF and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EBF and SPY?
As of 2026-08-27, the correlation of weekly returns between EBF and SPY is 0.23 over 3 years, -0.10 over 1 year and 0.35 over 5 years.
Is SPY a good diversifier for EBF?
Yes, to a useful degree: a correlation of 0.23 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EBF correlations · SPY correlations
