EFXT vs SPY: Correlation
Enerflex Ltd (EFXT) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EFXT and SPY?
Across a 3-year window, the weekly returns of EFXT and SPY correlate at 0.21, weak. Lately the two have drifted apart, with the 1-year correlation at 0.00 versus 0.21 over 3 years. Stretching to 5 years gives 0.25, with an annualized covariance of 136.1 %².
SPY is close to the least connected end of EFXT's tracked universe, ranking #6 of 10. The last year tells two different stories: EFXT led by 93.1 percentage points, +113.7% for EFXT against +20.6% for SPY. One caveat on sizing: EFXT is 3.1 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.
EFXT vs SPY: side by side
| EFXT (Enerflex Ltd) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +113.7% | +20.6% |
| 5-year return | +257.3% | +82.4% |
| Volatility (ann.) | 44.8% | 14.5% |
| Beta vs S&P 500 | 0.65 | 1.00 |
| Max drawdown (3Y) | -38.6% | -18.8% |
| Market cap | $2.5B | – |
| P/E (trailing) | 45.2 | – |
| Dividend yield | 0.61% | 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 | EFXT | SPY |
|---|---|---|
| 2022 | +5.8% | -18.2% |
| 2023 | -25.1% | +26.2% |
| 2024 | +115.8% | +24.9% |
| 2025 | +56.2% | +17.7% |
| 2026 | +35.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EFXT and SPY good diversifiers for each other?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EFXT and SPY?
Using weekly returns as of 2026-08-27: 0.21 over 3 years, with 0.00 over the last year and 0.25 over 5 years.
Is SPY a good diversifier for EFXT?
A fair diversifier. At 0.21, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.21 mean?
On the −1 to +1 scale, 0.21 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: EFXT correlations · SPY correlations
