ELS vs SPY: Correlation
Measured on weekly returns over the past three years, Equity Lifestyle Properties, Inc. (ELS) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.06, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELS and SPY?
Over the past 3 years, ELS and SPY moved with a correlation of 0.06, which is near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.05) runs below the 3-year figure (0.06). Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 13.9 %².
Out of 11 assets tracked against ELS, SPY lands near the bottom at #7. Over the last 12 months SPY came out ahead by 10.4 percentage points (+10.2% against +20.6%).
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.
ELS vs SPY: side by side
| ELS (Equity Lifestyle Properties, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.2% | +20.6% |
| 5-year return | -12.6% | +82.4% |
| Volatility (ann.) | 17.5% | 14.5% |
| Beta vs S&P 500 | 0.07 | 1.00 |
| Max drawdown (3Y) | -21.0% | -18.8% |
| Market cap | $12.8B | – |
| P/E (trailing) | 31.2 | – |
| Dividend yield | 3.27% | 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 | ELS | SPY |
|---|---|---|
| 2022 | -24.5% | -18.2% |
| 2023 | +12.2% | +26.2% |
| 2024 | -2.8% | +24.9% |
| 2025 | -5.9% | +17.7% |
| 2026 | +7.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
FAQ
What is the correlation between ELS and SPY?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with -0.05 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for ELS?
By historical standards, yes. A correlation of 0.06 means the two rarely move for the same reasons.
What does a correlation of 0.06 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: ELS correlations · SPY correlations
