EGY vs SPY: Correlation
Measured on weekly returns over the past three years, VAALCO Energy, Inc. (EGY) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.15, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EGY and SPY?
Across a 3-year window, the weekly returns of EGY and SPY correlate at 0.15, weak. Lately the two have drifted apart, with the 1-year correlation at -0.16 versus 0.15 over 3 years. Stretching to 5 years gives 0.21, with an annualized covariance of 104.0 %².
SPY is close to the least connected end of EGY's tracked universe, ranking #6 of 10. The last year tells two different stories: EGY led by 36.4 percentage points, +57.0% for EGY against +20.6% for SPY. One caveat on sizing: EGY is 3.3 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.
EGY vs SPY: side by side
| EGY (VAALCO Energy, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +57.0% | +20.6% |
| 5-year return | +195.9% | +82.4% |
| Volatility (ann.) | 47.9% | 14.5% |
| Beta vs S&P 500 | 0.50 | 1.00 |
| Max drawdown (3Y) | -56.5% | -18.8% |
| Market cap | $0.6B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.39% | 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 | EGY | SPY |
|---|---|---|
| 2022 | +45.5% | -18.2% |
| 2023 | +4.4% | +26.2% |
| 2024 | +2.0% | +24.9% |
| 2025 | -10.7% | +17.7% |
| 2026 | +64.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EGY and SPY good diversifiers for each other?
Yes. With a correlation of 0.15, EGY and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between EGY and SPY?
The EGY/SPY correlation stands at 0.15 on a 3-year window (1 year: -0.16, 5 years: 0.21), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EGY?
Yes. With a correlation of 0.15, EGY and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.15 mean?
A reading of 0.15 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/egy-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/egy-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EGY correlations · SPY correlations
