ENB vs SPY: Correlation
Enbridge Inc (ENB) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.04.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENB and SPY?
On 3 years of weekly data the ENB/SPY correlation comes out at 0.04, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.38 versus 0.04 over 3 years. The 5-year figure is 0.31, and annualized covariance runs at 10.1 %².
By 3-year correlation, SPY places #9 of the 14 assets tracked against ENB. Over the last 12 months SPY came out ahead by 11.5 percentage points (+9.1% against +20.6%).
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.
ENB vs SPY: side by side
| ENB (Enbridge Inc) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +9.1% | +20.6% |
| 5-year return | +71.0% | +82.4% |
| Volatility (ann.) | 17.6% | 14.5% |
| Beta vs S&P 500 | 0.05 | 1.00 |
| Max drawdown (3Y) | -13.1% | -18.8% |
| Market cap | $109.1B | – |
| P/E (trailing) | 26.7 | – |
| Dividend yield | 7.60% | 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 | ENB | SPY |
|---|---|---|
| 2022 | +6.5% | -18.2% |
| 2023 | -1.1% | +26.2% |
| 2024 | +26.4% | +24.9% |
| 2025 | +17.8% | +17.7% |
| 2026 | +8.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENB and SPY good diversifiers for each other?
Yes. With a correlation of 0.04, ENB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ENB and SPY?
The ENB/SPY correlation stands at 0.04 on a 3-year window (1 year: -0.38, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ENB?
Yes. With a correlation of 0.04, ENB and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.04 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: ENB correlations · SPY correlations
