EE vs SPY: Correlation
How closely do Excelerate Energy, Inc. (EE) 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 EE and SPY?
Over the past 3 years, EE and SPY moved with a correlation of 0.19, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.09 versus 0.19 over 3 years. Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 98.5 %².
Out of 10 assets tracked against EE, SPY lands near the bottom at #6. Correlation aside, the last 12 months split them widely, with EE ahead by 43.1 points (+63.7% versus +20.6%). One caveat on sizing: EE is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EE vs SPY: side by side
| EE (Excelerate Energy, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +63.7% | +20.6% |
| 5-year return | +52.1% | +82.4% |
| Volatility (ann.) | 36.5% | 14.5% |
| Beta vs S&P 500 | 0.47 | 1.00 |
| Max drawdown (3Y) | -29.1% | -18.8% |
| Market cap | $4.5B | – |
| P/E (trailing) | 27.0 | – |
| Dividend yield | 0.84% | 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 | EE | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | -38.0% | +26.2% |
| 2024 | +96.9% | +24.9% |
| 2025 | -6.3% | +17.7% |
| 2026 | +42.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EE and SPY good diversifiers for each other?
Yes. With a correlation of 0.19, EE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EE and SPY?
As of 2026-08-27, the correlation of weekly returns between EE and SPY is 0.19 over 3 years, -0.09 over 1 year and 0.27 over 5 years.
Is SPY a good diversifier for EE?
Yes. With a correlation of 0.19, EE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.19 mean?
A reading of 0.19 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ee-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ee-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EE correlations · SPY correlations
