ENLT vs SPY: Correlation
How closely do Enlight Renewable Energy Ltd. (ENLT) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.30, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENLT and SPY?
Across a 3-year window, the weekly returns of ENLT and SPY correlate at 0.30, moderate. The relationship has been stable: the 1-year correlation (0.30) sits close to the 3-year figure. Stretching to 5 years gives -0.01, with an annualized covariance of 182.9 %².
Among the 13 assets we track against ENLT, SPY sits near the bottom by co-movement, at rank #9. Their recent paths diverged sharply: over the last 12 months ENLT outperformed by 168.2 percentage points (+188.8% for ENLT against +20.6% for SPY). Note the risk asymmetry: ENLT runs 2.9 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.
ENLT vs SPY: side by side
| ENLT (Enlight Renewable Energy Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +188.8% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 42.0% | 14.5% |
| Beta vs S&P 500 | 0.88 | 1.00 |
| Max drawdown (3Y) | -27.7% | -18.8% |
| Market cap | $11.3B | – |
| P/E (trailing) | 127.9 | – |
| 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 | ENLT | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | -9.9% | +24.9% |
| 2025 | +163.6% | +17.7% |
| 2026 | +77.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENLT and SPY good diversifiers for each other?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ENLT and SPY?
Using weekly returns as of 2026-08-27: 0.30 over 3 years, with 0.30 over the last year and -0.01 over 5 years.
Is SPY a good diversifier for ENLT?
A fair diversifier. At 0.30, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.30 mean?
A reading of 0.30 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ENLT correlations · SPY correlations
