EIX vs SPY: Correlation
Measured on weekly returns over the past three years, Edison International (EIX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EIX and SPY?
On 3 years of weekly data the EIX/SPY correlation comes out at 0.13, weak. The past 12 months show a weaker link (-0.16) than the 3-year average (0.13). The 5-year figure is 0.33, and annualized covariance runs at 49.3 %².
By 3-year correlation, SPY places #17 of the 30 assets tracked against EIX. The last year tells two different stories: EIX led by 19.8 percentage points, +40.4% for EIX against +20.6% for SPY. The relationship is regime-dependent: the rolling one-year correlation swung between -0.16 and 0.49 over the past three years, so this pair behaves very differently depending on the market environment. Note the risk asymmetry: EIX runs 1.8 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.
EIX vs SPY: side by side
| EIX (Edison International) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +40.4% | +20.6% |
| 5-year return | +62.2% | +82.4% |
| Volatility (ann.) | 26.0% | 14.5% |
| Beta vs S&P 500 | 0.24 | 1.00 |
| Max drawdown (3Y) | -43.9% | -18.8% |
| Market cap | $28.4B | – |
| P/E (trailing) | 7.7 | – |
| Dividend yield | 4.64% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | EIX | SPY |
|---|---|---|
| 2022 | -2.6% | -18.2% |
| 2023 | +17.4% | +26.2% |
| 2024 | +15.2% | +24.9% |
| 2025 | -20.4% | +17.7% |
| 2026 | +27.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EIX and SPY good diversifiers for each other?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EIX and SPY?
Using weekly returns as of 2026-08-27: 0.13 over 3 years, with -0.16 over the last year and 0.33 over 5 years.
Is SPY a good diversifier for EIX?
Yes: at 0.13, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.13 mean?
A reading of 0.13 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EIX correlations · SPY correlations
