EMA vs SPY: Correlation
Measured on weekly returns over the past three years, Emera Incorporated (EMA) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.08, a near-zero link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMA and SPY?
Over the past 3 years, EMA and SPY moved with a correlation of 0.08, which is near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.17) than the 3-year average (0.08). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 20.1 %².
SPY is close to the least connected end of EMA's tracked universe, ranking #7 of 11. The trailing year gives SPY the advantage: +7.5% versus +20.6%, a 13.1-point spread.
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.
EMA vs SPY: side by side
| EMA (Emera Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.5% | +20.6% |
| 5-year return | +34.4% | +82.4% |
| Volatility (ann.) | 17.4% | 14.5% |
| Beta vs S&P 500 | 0.10 | 1.00 |
| Max drawdown (3Y) | -19.6% | -18.8% |
| Market cap | $15.4B | – |
| P/E (trailing) | 22.2 | – |
| Dividend yield | 5.77% | 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 | EMA | SPY |
|---|---|---|
| 2022 | -19.3% | -18.2% |
| 2023 | +3.5% | +26.2% |
| 2024 | +6.3% | +24.9% |
| 2025 | +36.6% | +17.7% |
| 2026 | +3.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMA and SPY good diversifiers for each other?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EMA and SPY?
The EMA/SPY correlation stands at 0.08 on a 3-year window (1 year: -0.17, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EMA?
Yes: at 0.08, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.08 mean?
On the −1 to +1 scale, 0.08 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Hubs: EMA correlations · SPY correlations
