ECHO vs SPY: Correlation
How closely do EchoStar (ECHO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.19, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECHO and SPY?
On 3 years of weekly data the ECHO/SPY correlation comes out at 0.19, weak. The relationship has been stable: the 1-year correlation (0.26) sits close to the 3-year figure. The 5-year figure is 0.20, and annualized covariance runs at 245.4 %².
Within ECHO's tracked universe of 35 assets, SPY comes in at #21 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ECHO ahead by 26.6 points (+47.2% versus +20.6%). On a rolling one-year basis the correlation drifted between 0.04 and 0.39, a moderate band. Risk is not evenly split, since ECHO carries 6.3 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.
ECHO vs SPY: side by side
| ECHO (EchoStar) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +47.2% | +20.6% |
| 5-year return | +227.3% | +82.4% |
| Volatility (ann.) | 91.1% | 14.5% |
| Beta vs S&P 500 | 1.17 | 1.00 |
| Max drawdown (3Y) | -50.1% | -18.8% |
| Market cap | $25.1B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Communication Services | 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 | ECHO | SPY |
|---|---|---|
| 2022 | -36.7% | -18.2% |
| 2023 | -0.7% | +26.2% |
| 2024 | +38.2% | +24.9% |
| 2025 | +374.7% | +17.7% |
| 2026 | -20.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECHO and SPY good diversifiers for each other?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ECHO and SPY?
Using weekly returns as of 2026-08-27: 0.19 over 3 years, with 0.26 over the last year and 0.20 over 5 years.
Is SPY a good diversifier for ECHO?
Yes: at 0.19, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.19 mean?
On the −1 to +1 scale, 0.19 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: ECHO correlations · SPY correlations
