EMN vs SPY: Correlation
Measured on weekly returns over the past three years, Eastman Chemical Company (EMN) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMN and SPY?
Across a 3-year window, the weekly returns of EMN and SPY correlate at 0.45, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.23 versus 0.45 over 3 years. Stretching to 5 years gives 0.58, with an annualized covariance of 199.1 %².
Within EMN's tracked universe of 22 assets, SPY comes in at #15 by 3-year correlation. On 12-month performance SPY holds a 9.8-point edge, +10.8% against +20.6%. Note the risk asymmetry: EMN runs 2.1 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.
EMN vs SPY: side by side
| EMN (Eastman Chemical Company) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.8% | +20.6% |
| 5-year return | -22.9% | +82.4% |
| Volatility (ann.) | 30.5% | 14.5% |
| Beta vs S&P 500 | 0.95 | 1.00 |
| Max drawdown (3Y) | -48.4% | -18.8% |
| Market cap | $8.3B | – |
| P/E (trailing) | 18.9 | – |
| Dividend yield | 4.59% | 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 | EMN | SPY |
|---|---|---|
| 2022 | -30.4% | -18.2% |
| 2023 | +14.7% | +26.2% |
| 2024 | +5.1% | +24.9% |
| 2025 | -26.9% | +17.7% |
| 2026 | +16.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMN and SPY good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EMN and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.23 over the last year and 0.58 over 5 years.
Is SPY a good diversifier for EMN?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 mean?
On the −1 to +1 scale, 0.45 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: EMN correlations · SPY correlations
