ELVA vs SPY: Correlation
How closely do Electrovaya Inc. (ELVA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.27, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELVA and SPY?
On 3 years of weekly data the ELVA/SPY correlation comes out at 0.27, weak. The link has tightened recently: the 1-year correlation (0.41) runs above the 3-year figure (0.27). The 5-year figure is 0.24, and annualized covariance runs at 244.3 %².
Among the 13 assets we track against ELVA, SPY sits near the bottom by co-movement, at rank #10. Neither side won the trailing year by much: +24.1% against +20.6%. Note the risk asymmetry: ELVA runs 4.4 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.
ELVA vs SPY: side by side
| ELVA (Electrovaya Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.1% | +20.6% |
| 5-year return | +107.3% | +82.4% |
| Volatility (ann.) | 63.2% | 14.5% |
| Beta vs S&P 500 | 1.17 | 1.00 |
| Max drawdown (3Y) | -56.0% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 68.4 | – |
| 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 | ELVA | SPY |
|---|---|---|
| 2022 | +2.8% | -18.2% |
| 2023 | -17.3% | +26.2% |
| 2024 | -19.0% | +24.9% |
| 2025 | +218.5% | +17.7% |
| 2026 | -13.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELVA and SPY good diversifiers for each other?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ELVA and SPY?
As of 2026-08-27, the correlation of weekly returns between ELVA and SPY is 0.27 over 3 years, 0.41 over 1 year and 0.24 over 5 years.
Is SPY a good diversifier for ELVA?
A fair diversifier. At 0.27, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.27 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: ELVA correlations · SPY correlations
