EEA vs SPY: Correlation
Measured on weekly returns over the past three years, The European Equity Fund, Inc. (EEA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EEA and SPY?
Across a 3-year window, the weekly returns of EEA and SPY correlate at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. Stretching to 5 years gives 0.66, with an annualized covariance of 126.7 %².
By 3-year correlation, SPY places #7 of the 14 assets tracked against EEA. On 12-month performance SPY holds a 8.9-point edge, +11.7% against +20.6%.
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.
EEA vs SPY: side by side
| EEA (The European Equity Fund, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.7% | +20.6% |
| 5-year return | +34.8% | +82.4% |
| Volatility (ann.) | 15.4% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -14.1% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 4.2 | – |
| Dividend yield | 6.92% | 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 | EEA | SPY |
|---|---|---|
| 2022 | -19.0% | -18.2% |
| 2023 | +17.2% | +26.2% |
| 2024 | -3.5% | +24.9% |
| 2025 | +28.8% | +17.7% |
| 2026 | +13.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EEA and SPY good diversifiers for each other?
To a limited degree. At 0.57 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 EEA and SPY?
The EEA/SPY correlation stands at 0.57 on a 3-year window (1 year: 0.65, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EEA?
To a limited degree. At 0.57 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 0.57 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: EEA correlations · SPY correlations
