EDF vs SPY: Correlation
Measured on weekly returns over the past three years, Virtus Stone Harbor Emerging Markets Income Fund (EDF) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EDF and SPY?
Across a 3-year window, the weekly returns of EDF and SPY correlate at 0.36, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.53 versus 0.36 over 3 years. Stretching to 5 years gives 0.42, with an annualized covariance of 109.2 %².
Out of 11 assets tracked against EDF, SPY lands near the bottom at #7. The trailing year gives SPY the advantage: +15.4% versus +20.6%, a 5.2-point spread.
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.
EDF vs SPY: side by side
| EDF (Virtus Stone Harbor Emerging Markets Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.4% | +20.6% |
| 5-year return | +26.6% | +82.4% |
| Volatility (ann.) | 20.9% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -23.4% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 4.6 | – |
| Dividend yield | 0.00% | 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 | EDF | SPY |
|---|---|---|
| 2022 | -28.0% | -18.2% |
| 2023 | +21.6% | +26.2% |
| 2024 | +25.5% | +24.9% |
| 2025 | +22.2% | +17.7% |
| 2026 | +14.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDF and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EDF and SPY?
As of 2026-08-27, the correlation of weekly returns between EDF and SPY is 0.36 over 3 years, 0.53 over 1 year and 0.42 over 5 years.
Is SPY a good diversifier for EDF?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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: EDF correlations · SPY correlations
