ENLV vs SPY: Correlation
Measured on weekly returns over the past three years, Enlivex Ltd. (ENLV) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.13, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENLV and SPY?
Over the past 3 years, ENLV and SPY moved with a correlation of 0.13, which is weak. Recent behaviour matches the longer record: 0.04 over 1 year against 0.13 over 3. Over 5 years the correlation is 0.18, and the annualized covariance of weekly returns is 212.4 %².
By 3-year correlation, SPY places #8 of the 13 assets tracked against ENLV. The last year tells two different stories: SPY led by 111.6 percentage points, -91.0% for ENLV against +20.6% for SPY. Note the risk asymmetry: ENLV runs 7.7 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.
ENLV vs SPY: side by side
| ENLV (Enlivex Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -91.0% | +20.6% |
| 5-year return | -99.2% | +82.4% |
| Volatility (ann.) | 111.4% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -97.7% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 0.0 | – |
| 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 | ENLV | SPY |
|---|---|---|
| 2022 | -37.0% | -18.2% |
| 2023 | -31.4% | +26.2% |
| 2024 | -56.7% | +24.9% |
| 2025 | -39.9% | +17.7% |
| 2026 | -86.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENLV and SPY good diversifiers for each other?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
FAQ
What is the correlation between ENLV and SPY?
Using weekly returns as of 2026-08-27: 0.13 over 3 years, with 0.04 over the last year and 0.18 over 5 years.
Is SPY a good diversifier for ENLV?
By historical standards, yes. A correlation of 0.13 means the two rarely move for the same reasons.
What does a correlation of 0.13 mean?
A reading of 0.13 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: ENLV correlations · SPY correlations
