ECF vs SPY: Correlation
How closely do Ellsworth Growth and Income Fund Ltd. (ECF) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.62, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECF and SPY?
Across a 3-year window, the weekly returns of ECF and SPY correlate at 0.62, strong. Recent behaviour matches the longer record: 0.56 over 1 year against 0.62 over 3. Stretching to 5 years gives 0.70, with an annualized covariance of 148.5 %².
Among the 19 assets we track against ECF, SPY ranks #7 by 3-year correlation. Neither side won the trailing year by much: +22.9% against +20.6%.
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.
ECF vs SPY: side by side
| ECF (Ellsworth Growth and Income Fund Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.9% | +20.6% |
| 5-year return | +25.8% | +82.4% |
| Volatility (ann.) | 16.5% | 14.5% |
| Beta vs S&P 500 | 0.71 | 1.00 |
| Max drawdown (3Y) | -16.8% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 3.9 | – |
| Dividend yield | 7.38% | 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 | ECF | SPY |
|---|---|---|
| 2022 | -31.6% | -18.2% |
| 2023 | +8.0% | +26.2% |
| 2024 | +27.5% | +24.9% |
| 2025 | +30.0% | +17.7% |
| 2026 | +10.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECF and SPY good diversifiers for each other?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ECF and SPY?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.56 over the last year and 0.70 over 5 years.
Is SPY a good diversifier for ECF?
Somewhat, no more. With 0.62 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.62 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: ECF correlations · SPY correlations
