EGO vs SPY: Correlation
How closely do Eldorado Gold Corporation (EGO) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.21, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EGO and SPY?
Across a 3-year window, the weekly returns of EGO and SPY correlate at 0.21, weak. Little has changed lately, as the 1-year reading of 0.27 lands near the 3-year figure. Stretching to 5 years gives 0.27, with an annualized covariance of 151.8 %².
Among the 12 assets we track against EGO, SPY sits near the bottom by co-movement, at rank #8. Their recent paths diverged sharply: over the last 12 months EGO outperformed by 78.0 percentage points (+98.6% for EGO against +20.6% for SPY). Note the risk asymmetry: EGO 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.
EGO vs SPY: side by side
| EGO (Eldorado Gold Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +98.6% | +20.6% |
| 5-year return | +463.3% | +82.4% |
| Volatility (ann.) | 50.3% | 14.5% |
| Beta vs S&P 500 | 0.73 | 1.00 |
| Max drawdown (3Y) | -44.0% | -18.8% |
| Market cap | $12.5B | – |
| P/E (trailing) | 16.7 | – |
| Dividend yield | 0.32% | 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 | EGO | SPY |
|---|---|---|
| 2022 | -10.6% | -18.2% |
| 2023 | +55.1% | +26.2% |
| 2024 | +14.6% | +24.9% |
| 2025 | +141.6% | +17.7% |
| 2026 | +34.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EGO 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 EGO and SPY?
The EGO/SPY correlation stands at 0.21 on a 3-year window (1 year: 0.27, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EGO?
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?
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: EGO correlations · SPY correlations
