ED vs SPY: Correlation
How closely do Consolidated Edison (ED) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of -0.19, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ED and SPY?
Over the past 3 years, ED and SPY moved with a correlation of -0.19, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.36) runs below the 3-year figure (-0.19). Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is -44.4 %².
Within ED's tracked universe of 105 assets, SPY comes in at #40 by 3-year correlation. On 12-month performance SPY holds a 10.4-point edge, +10.2% against +20.6%. The relationship is regime-dependent: the rolling one-year correlation swung between -0.38 and 0.28 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.
ED vs SPY: side by side
| ED (Consolidated Edison) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.2% | +20.6% |
| 5-year return | +67.5% | +82.4% |
| Volatility (ann.) | 16.5% | 14.5% |
| Beta vs S&P 500 | -0.21 | 1.00 |
| Max drawdown (3Y) | -17.4% | -18.8% |
| Market cap | $39.5B | – |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 3.22% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | ED | SPY |
|---|---|---|
| 2022 | +15.7% | -18.2% |
| 2023 | -1.1% | +26.2% |
| 2024 | +1.5% | +24.9% |
| 2025 | +15.1% | +17.7% |
| 2026 | +10.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that SPY holds ED at a 0.06% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are ED and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
FAQ
What is the correlation between ED and SPY?
As of 2026-08-27, the correlation of weekly returns between ED and SPY is -0.19 over 3 years, -0.36 over 1 year and 0.12 over 5 years.
Is SPY a good diversifier for ED?
By historical standards, yes. A correlation of -0.19 means the two rarely move for the same reasons.
What does a correlation of -0.19 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: ED correlations · SPY correlations
