ELBM vs SPY: Correlation
Electra Battery Materials Corporation (ELBM) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELBM and SPY?
On 3 years of weekly data the ELBM/SPY correlation comes out at 0.22, weak. Recent behaviour matches the longer record: 0.27 over 1 year against 0.22 over 3. The 5-year figure is 0.24, and annualized covariance runs at 287.3 %².
Out of 10 assets tracked against ELBM, SPY lands near the bottom at #7. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 51.6 percentage points (-31.0% for ELBM against +20.6% for SPY). Note the risk asymmetry: ELBM runs 6.3 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.
ELBM vs SPY: side by side
| ELBM (Electra Battery Materials Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -31.0% | +20.6% |
| 5-year return | -96.3% | +82.4% |
| Volatility (ann.) | 90.9% | 14.5% |
| Beta vs S&P 500 | 1.38 | 1.00 |
| Max drawdown (3Y) | -93.0% | -18.8% |
| Market cap | $0.1B | – |
| 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 | ELBM | SPY |
|---|---|---|
| 2022 | -62.5% | -18.2% |
| 2023 | -78.0% | +26.2% |
| 2024 | +27.1% | +24.9% |
| 2025 | -56.9% | +17.7% |
| 2026 | -22.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELBM and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ELBM and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.27 over the last year and 0.24 over 5 years.
Is SPY a good diversifier for ELBM?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 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: ELBM correlations · SPY correlations
