EMPD vs SPY: Correlation
Measured on weekly returns over the past three years, Empery Digital Inc. (EMPD) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.17, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EMPD and SPY?
Across a 3-year window, the weekly returns of EMPD and SPY correlate at 0.17, weak. The past 12 months show a tighter link (0.44) than the 3-year average (0.17). Stretching to 5 years gives 0.17, with an annualized covariance of 327.6 %².
Among the 10 assets we track against EMPD, SPY sits near the bottom by co-movement, at rank #7. The last year tells two different stories: SPY led by 76.0 percentage points, -55.4% for EMPD against +20.6% for SPY. Note the risk asymmetry: EMPD runs 9.3 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.
EMPD vs SPY: side by side
| EMPD (Empery Digital Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -55.4% | +20.6% |
| 5-year return | -100.0% | +82.4% |
| Volatility (ann.) | 135.0% | 14.5% |
| Beta vs S&P 500 | 1.57 | 1.00 |
| Max drawdown (3Y) | -100.0% | -18.8% |
| Market cap | $0.1B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 0.00% | 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 | EMPD | SPY |
|---|---|---|
| 2022 | -90.6% | -18.2% |
| 2023 | -98.0% | +26.2% |
| 2024 | -99.9% | +24.9% |
| 2025 | -86.9% | +17.7% |
| 2026 | -31.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EMPD and SPY good diversifiers for each other?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EMPD and SPY?
As of 2026-08-27, the correlation of weekly returns between EMPD and SPY is 0.17 over 3 years, 0.44 over 1 year and 0.17 over 5 years.
Is SPY a good diversifier for EMPD?
Yes: at 0.17, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.17 mean?
On the −1 to +1 scale, 0.17 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/empd-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/empd-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EMPD correlations · SPY correlations
