ECL vs SPY: Correlation
Ecolab (ECL) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECL and SPY?
On 3 years of weekly data the ECL/SPY correlation comes out at 0.48, moderate. The past 12 months show a weaker link (0.15) than the 3-year average (0.48). The 5-year figure is 0.64, and annualized covariance runs at 134.2 %².
Among the 53 assets we track against ECL, SPY ranks #28 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 17.5 percentage points (+3.1% for ECL against +20.6% for SPY). The relationship is regime-dependent: the rolling one-year correlation swung between 0.18 and 0.74 over the past three years, so this pair behaves very differently depending on the market environment.
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.
ECL vs SPY: side by side
| ECL (Ecolab) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.1% | +20.6% |
| 5-year return | +34.0% | +82.4% |
| Volatility (ann.) | 19.5% | 14.5% |
| Beta vs S&P 500 | 0.64 | 1.00 |
| Max drawdown (3Y) | -20.1% | -18.8% |
| Market cap | $80.1B | – |
| P/E (trailing) | 39.1 | – |
| Dividend yield | 0.98% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | 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 | ECL | SPY |
|---|---|---|
| 2022 | -37.1% | -18.2% |
| 2023 | +37.9% | +26.2% |
| 2024 | +19.3% | +24.9% |
| 2025 | +13.2% | +17.7% |
| 2026 | +9.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
ECL represents 0.11% of SPY's portfolio, so part of any move in SPY is ECL itself, and the correlation between them is partly mechanical.
Are ECL and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ECL and SPY?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.15 over the last year and 0.64 over 5 years.
Is SPY a good diversifier for ECL?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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: ECL correlations · SPY correlations
