EBON vs SPY: Correlation
How closely do Ebang International Holdings Inc. - Class A (EBON) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.25, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EBON and SPY?
On 3 years of weekly data the EBON/SPY correlation comes out at 0.25, weak. The past 12 months show a tighter link (0.51) than the 3-year average (0.25). The 5-year figure is 0.28, and annualized covariance runs at 312.3 %².
Among the 14 assets we track against EBON, SPY sits near the bottom by co-movement, at rank #10. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 64.1 percentage points (-43.5% for EBON against +20.6% for SPY). One caveat on sizing: EBON is 6.0 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EBON vs SPY: side by side
| EBON (Ebang International Holdings Inc. - Class A) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -43.5% | +20.6% |
| 5-year return | -97.1% | +82.4% |
| Volatility (ann.) | 87.4% | 14.5% |
| Beta vs S&P 500 | 1.50 | 1.00 |
| Max drawdown (3Y) | -90.4% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | EBON | SPY |
|---|---|---|
| 2022 | -90.6% | -18.2% |
| 2023 | +425.8% | +26.2% |
| 2024 | -62.6% | +24.9% |
| 2025 | -46.5% | +17.7% |
| 2026 | -27.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EBON and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EBON and SPY?
The EBON/SPY correlation stands at 0.25 on a 3-year window (1 year: 0.51, 5 years: 0.28), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EBON?
Yes, to a useful degree: a correlation of 0.25 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.25 mean?
A reading of 0.25 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: EBON correlations · SPY correlations
