ELLO vs SPY: Correlation
Ellomay Capital Ltd (ELLO) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.13.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELLO and SPY?
Across a 3-year window, the weekly returns of ELLO and SPY correlate at 0.13, weak. Recent behaviour matches the longer record: 0.10 over 1 year against 0.13 over 3. Stretching to 5 years gives 0.24, with an annualized covariance of 74.9 %².
SPY is close to the least connected end of ELLO's tracked universe, ranking #6 of 10. The trailing year gives SPY the advantage: +15.5% versus +20.6%, a 5.1-point spread. Note the risk asymmetry: ELLO runs 2.7 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.
ELLO vs SPY: side by side
| ELLO (Ellomay Capital Ltd) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +15.5% | +20.6% |
| 5-year return | -28.2% | +82.4% |
| Volatility (ann.) | 39.3% | 14.5% |
| Beta vs S&P 500 | 0.36 | 1.00 |
| Max drawdown (3Y) | -41.7% | -18.8% |
| Market cap | $0.3B | – |
| 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 | ELLO | SPY |
|---|---|---|
| 2022 | -47.5% | -18.2% |
| 2023 | +0.3% | +26.2% |
| 2024 | +8.7% | +24.9% |
| 2025 | +49.5% | +17.7% |
| 2026 | -16.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELLO 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 ELLO and SPY?
As of 2026-08-27, the correlation of weekly returns between ELLO and SPY is 0.13 over 3 years, 0.10 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for ELLO?
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: ELLO correlations · SPY correlations
