EH vs SPY: Correlation
EHang Holdings Limited (EH) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.38.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EH and SPY?
Across a 3-year window, the weekly returns of EH and SPY correlate at 0.38, moderate. The past 12 months show a tighter link (0.58) than the 3-year average (0.38). Stretching to 5 years gives 0.37, with an annualized covariance of 401.0 %².
Among the 11 assets we track against EH, SPY ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 91.3 percentage points (-70.7% for EH against +20.6% for SPY). One caveat on sizing: EH is 5.0 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.
EH vs SPY: side by side
| EH (EHang Holdings Limited) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -70.7% | +20.6% |
| 5-year return | -81.9% | +82.4% |
| Volatility (ann.) | 72.3% | 14.5% |
| Beta vs S&P 500 | 1.92 | 1.00 |
| Max drawdown (3Y) | -82.4% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 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 | EH | SPY |
|---|---|---|
| 2022 | -42.5% | -18.2% |
| 2023 | +95.8% | +26.2% |
| 2024 | -6.3% | +24.9% |
| 2025 | -16.3% | +17.7% |
| 2026 | -64.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EH and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EH and SPY?
Using weekly returns as of 2026-08-27: 0.38 over 3 years, with 0.58 over the last year and 0.37 over 5 years.
Is SPY a good diversifier for EH?
Yes, to a useful degree: a correlation of 0.38 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.38 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: EH correlations · SPY correlations
