ELE vs SPY: Correlation
Elemental Royalty Corporation (ELE) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.28.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELE and SPY?
On 3 years of weekly data the ELE/SPY correlation comes out at 0.28, weak. The link has tightened recently: the 1-year correlation (0.45) runs above the 3-year figure (0.28). The 5-year figure is 0.26, and annualized covariance runs at 181.9 %².
Among the 11 assets we track against ELE, SPY sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with ELE ahead by 32.1 points (+52.7% versus +20.6%). Note the risk asymmetry: ELE runs 3.1 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.
ELE vs SPY: side by side
| ELE (Elemental Royalty Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +52.7% | +20.6% |
| 5-year return | +117.9% | +82.4% |
| Volatility (ann.) | 44.3% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -40.9% | -18.8% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.27% | 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 | ELE | SPY |
|---|---|---|
| 2022 | -25.3% | -18.2% |
| 2023 | -15.4% | +26.2% |
| 2024 | -3.9% | +24.9% |
| 2025 | +114.0% | +17.7% |
| 2026 | +32.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELE and SPY good diversifiers for each other?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELE and SPY?
The ELE/SPY correlation stands at 0.28 on a 3-year window (1 year: 0.45, 5 years: 0.26), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ELE?
A fair diversifier. At 0.28, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.28 mean?
A reading of 0.28 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: ELE correlations · SPY correlations
