EME vs SPY: Correlation
Emcor (EME) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EME and SPY?
Across a 3-year window, the weekly returns of EME and SPY correlate at 0.54, moderate. The past 12 months show a weaker link (0.34) than the 3-year average (0.54). Stretching to 5 years gives 0.55, with an annualized covariance of 273.6 %².
Within EME's tracked universe of 34 assets, SPY comes in at #19 by 3-year correlation. Neither side won the trailing year by much: +24.5% against +20.6%. The rolling one-year correlation moved between 0.28 and 0.73 over the past three years, a moderate range. One caveat on sizing: EME is 2.4 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.
EME vs SPY: side by side
| EME (Emcor) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +24.5% | +20.6% |
| 5-year return | +540.3% | +82.4% |
| Volatility (ann.) | 34.9% | 14.5% |
| Beta vs S&P 500 | 1.31 | 1.00 |
| Max drawdown (3Y) | -36.2% | -18.8% |
| Market cap | $34.2B | – |
| P/E (trailing) | 23.8 | – |
| Dividend yield | 0.09% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Industrials | 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 | EME | SPY |
|---|---|---|
| 2022 | +16.8% | -18.2% |
| 2023 | +46.0% | +26.2% |
| 2024 | +111.3% | +24.9% |
| 2025 | +35.1% | +17.7% |
| 2026 | +26.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.05% of SPY is EME itself, so the fund partly moves with the stock by construction.
Are EME and SPY good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between EME and SPY?
The EME/SPY correlation stands at 0.54 on a 3-year window (1 year: 0.34, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EME?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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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Related comparisons
Hubs: EME correlations · SPY correlations
