EMBJ vs SPY: Correlation
How closely do Embraer S.A. (EMBJ) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMBJ and SPY?
Over the past 3 years, EMBJ and SPY moved with a correlation of 0.31, which is moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 190.7 %².
Out of 10 assets tracked against EMBJ, SPY lands near the bottom at #6. The last year tells two different stories: EMBJ led by 15.0 percentage points, +35.6% for EMBJ against +20.6% for SPY. One caveat on sizing: EMBJ is 2.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EMBJ vs SPY: side by side
| EMBJ (Embraer S.A.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +35.6% | +20.6% |
| 5-year return | +327.0% | +82.4% |
| Volatility (ann.) | 41.9% | 14.5% |
| Beta vs S&P 500 | 0.91 | 1.00 |
| Max drawdown (3Y) | -32.6% | -18.8% |
| Market cap | $13.4B | – |
| P/E (trailing) | 30.5 | – |
| Dividend yield | 0.95% | 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 | EMBJ | SPY |
|---|---|---|
| 2022 | -38.4% | -18.2% |
| 2023 | +68.8% | +26.2% |
| 2024 | +98.8% | +24.9% |
| 2025 | +75.7% | +17.7% |
| 2026 | +17.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMBJ and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EMBJ and SPY?
As of 2026-08-27, the correlation of weekly returns between EMBJ and SPY is 0.31 over 3 years, 0.38 over 1 year and 0.43 over 5 years.
Is SPY a good diversifier for EMBJ?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 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: EMBJ correlations · SPY correlations
