EL vs SPY: Correlation
Measured on weekly returns over the past three years, Estée Lauder Companies (The) (EL) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EL and SPY?
On 3 years of weekly data the EL/SPY correlation comes out at 0.39, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 267.4 %².
By 3-year correlation, SPY places #18 of the 35 assets tracked against EL. Their 12-month results are close: +16.4% for EL against +20.6% for SPY. Across three years, the rolling one-year figure varied moderately, from 0.16 to 0.58. Risk is not evenly split, since EL carries 3.2 times the volatility of the other side.
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.
EL vs SPY: side by side
| EL (Estée Lauder Companies (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +16.4% | +20.6% |
| 5-year return | -66.7% | +82.4% |
| Volatility (ann.) | 47.0% | 14.5% |
| Beta vs S&P 500 | 1.28 | 1.00 |
| Max drawdown (3Y) | -68.4% | -18.8% |
| Market cap | $38.4B | – |
| P/E (trailing) | 208.3 | – |
| Dividend yield | 1.33% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Consumer Staples | 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 | EL | SPY |
|---|---|---|
| 2022 | -32.3% | -18.2% |
| 2023 | -40.1% | +26.2% |
| 2024 | -47.6% | +24.9% |
| 2025 | +42.1% | +17.7% |
| 2026 | +2.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EL and SPY good diversifiers for each other?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EL and SPY?
The EL/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.43, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EL?
A fair diversifier. At 0.39, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.39 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: EL correlations · SPY correlations
