ELA vs SPY: Correlation
How closely do Envela Corporation (ELA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.16, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELA and SPY?
On 3 years of weekly data the ELA/SPY correlation comes out at 0.16, weak. The link has loosened recently: the 1-year correlation (0.04) runs below the 3-year figure (0.16). The 5-year figure is 0.20, and annualized covariance runs at 127.1 %².
SPY is close to the least connected end of ELA's tracked universe, ranking #8 of 12. Their recent paths diverged sharply: over the last 12 months ELA outperformed by 68.9 percentage points (+89.5% for ELA against +20.6% for SPY). One caveat on sizing: ELA is 3.9 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.
ELA vs SPY: side by side
| ELA (Envela Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +89.5% | +20.6% |
| 5-year return | +229.3% | +82.4% |
| Volatility (ann.) | 56.3% | 14.5% |
| Beta vs S&P 500 | 0.61 | 1.00 |
| Max drawdown (3Y) | -51.8% | -18.8% |
| Market cap | $0.4B | – |
| P/E (trailing) | 16.6 | – |
| 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 | ELA | SPY |
|---|---|---|
| 2022 | +29.2% | -18.2% |
| 2023 | -7.6% | +26.2% |
| 2024 | +47.7% | +24.9% |
| 2025 | +86.4% | +17.7% |
| 2026 | +4.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELA and SPY good diversifiers for each other?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELA and SPY?
As of 2026-08-27, the correlation of weekly returns between ELA and SPY is 0.16 over 3 years, 0.04 over 1 year and 0.20 over 5 years.
Is SPY a good diversifier for ELA?
Yes: at 0.16, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.16 mean?
A reading of 0.16 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: ELA correlations · SPY correlations
