EML vs SPY: Correlation
Measured on weekly returns over the past three years, Eastern Company (The) (EML) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.36, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EML and SPY?
Over the past 3 years, EML and SPY moved with a correlation of 0.36, which is moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.36). Over 5 years the correlation is 0.36, and the annualized covariance of weekly returns is 206.8 %².
Among the 10 assets we track against EML, SPY sits near the bottom by co-movement, at rank #6. On 12-month performance SPY holds a 8.7-point edge, +11.9% against +20.6%. Risk is not evenly split, since EML carries 2.7 times the volatility of the other side.
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.
EML vs SPY: side by side
| EML (Eastern Company (The)) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +11.9% | +20.6% |
| 5-year return | +6.9% | +82.4% |
| Volatility (ann.) | 39.5% | 14.5% |
| Beta vs S&P 500 | 0.99 | 1.00 |
| Max drawdown (3Y) | -47.0% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 19.8 | – |
| Dividend yield | 1.69% | 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 | EML | SPY |
|---|---|---|
| 2022 | -21.5% | -18.2% |
| 2023 | +16.8% | +26.2% |
| 2024 | +22.6% | +24.9% |
| 2025 | -24.4% | +17.7% |
| 2026 | +35.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EML and SPY good diversifiers for each other?
Reasonably. At 0.36, EML and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between EML and SPY?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.21 over the last year and 0.36 over 5 years.
Is SPY a good diversifier for EML?
Reasonably. At 0.36, EML and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.36 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: EML correlations · SPY correlations
