EDRY vs SPY: Correlation
How closely do EuroDry Ltd. (EDRY) 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 EDRY and SPY?
Over the past 3 years, EDRY and SPY moved with a correlation of 0.19, which is weak. Recent behaviour matches the longer record: 0.22 over 1 year against 0.19 over 3. Over 5 years the correlation is 0.13, and the annualized covariance of weekly returns is 142.2 %².
SPY is close to the least connected end of EDRY's tracked universe, ranking #7 of 11. The last year tells two different stories: EDRY led by 344.1 percentage points, +364.7% for EDRY against +20.6% for SPY. Note the risk asymmetry: EDRY runs 3.5 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.
EDRY vs SPY: side by side
| EDRY (EuroDry Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +364.7% | +20.6% |
| 5-year return | +66.1% | +82.4% |
| Volatility (ann.) | 50.8% | 14.5% |
| Beta vs S&P 500 | 0.68 | 1.00 |
| Max drawdown (3Y) | -67.8% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 14.6 | – |
| 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 | EDRY | SPY |
|---|---|---|
| 2022 | -9.7% | -18.2% |
| 2023 | +10.9% | +26.2% |
| 2024 | -41.2% | +24.9% |
| 2025 | +14.6% | +17.7% |
| 2026 | +284.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EDRY 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 EDRY and SPY?
The EDRY/SPY correlation stands at 0.19 on a 3-year window (1 year: 0.22, 5 years: 0.13), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EDRY?
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?
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: EDRY correlations · SPY correlations
