ECL vs SPYV: Correlation
How closely do Ecolab (ECL) and SPDR Portfolio S&P 500 Value ETF (SPYV) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECL and SPYV?
Across a 3-year window, the weekly returns of ECL and SPYV correlate at 0.61, strong. Lately the two have drifted apart, with the 1-year correlation at 0.44 versus 0.61 over 3 years. Stretching to 5 years gives 0.66, with an annualized covariance of 144.6 %².
Among the 53 assets we track against ECL, SPYV ranks #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPYV ahead by 15.4 points (+3.1% versus +18.5%). The rolling one-year correlation moved between 0.48 and 0.79 over the past three years, a moderate range. Note the risk asymmetry: ECL runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 SPYV: side by side
| ECL (Ecolab) | SPYV (SPDR Portfolio S&P 500 Value ETF) | |
|---|---|---|
| 1-year return | +3.1% | +18.5% |
| 5-year return | +34.0% | +73.5% |
| Volatility (ann.) | 19.5% | 12.1% |
| Beta vs S&P 500 | 0.64 | 0.70 |
| Max drawdown (3Y) | -20.1% | -17.5% |
| Market cap | $80.1B | – |
| P/E (trailing) | 39.1 | – |
| Dividend yield | 0.98% | 1.69% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $36.2B |
| Sector / category | Materials | ETF · US Style |
SPYV, State Street Investment Management's Large Value fund, carries $36.2B under management, 438 holdings, a 0.04% expense ratio, a 1.69% trailing dividend yield.
Year-by-year returns
| Year | ECL | SPYV |
|---|---|---|
| 2022 | -37.1% | -5.3% |
| 2023 | +37.9% | +22.2% |
| 2024 | +19.3% | +12.2% |
| 2025 | +13.2% | +13.2% |
| 2026 | +9.5% | +12.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.24% of SPYV is ECL itself, so the fund partly moves with the stock by construction.
Are ECL and SPYV good diversifiers for each other?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ECL and SPYV?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.44 over the last year and 0.66 over 5 years.
Is SPYV a good diversifier for ECL?
To a limited degree. At 0.61 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.61 mean?
On the −1 to +1 scale, 0.61 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ecl-vs-spyv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ecl-vs-spyv/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ECL correlations · SPYV correlations
