ENPH vs SPY: Correlation
Enphase Energy, Inc. (ENPH) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENPH and SPY?
Over the past 3 years, ENPH and SPY moved with a correlation of 0.23, which is weak. The relationship has been stable: the 1-year correlation (0.22) sits close to the 3-year figure. Over 5 years the correlation is 0.32, and the annualized covariance of weekly returns is 233.8 %².
SPY is close to the least connected end of ENPH's tracked universe, ranking #8 of 12. The last year tells two different stories: SPY led by 16.1 percentage points, +4.5% for ENPH against +20.6% for SPY. Note the risk asymmetry: ENPH runs 4.8 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.
ENPH vs SPY: side by side
| ENPH (Enphase Energy, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.5% | +20.6% |
| 5-year return | -77.9% | +82.4% |
| Volatility (ann.) | 70.2% | 14.5% |
| Beta vs S&P 500 | 1.12 | 1.00 |
| Max drawdown (3Y) | -81.0% | -18.8% |
| Market cap | $5.2B | – |
| P/E (trailing) | 38.1 | – |
| 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 | ENPH | SPY |
|---|---|---|
| 2022 | +44.8% | -18.2% |
| 2023 | -50.1% | +26.2% |
| 2024 | -48.0% | +24.9% |
| 2025 | -53.3% | +17.7% |
| 2026 | +22.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENPH and SPY good diversifiers for each other?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ENPH and SPY?
The ENPH/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.22, 5 years: 0.32), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ENPH?
A fair diversifier. At 0.23, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.23 mean?
A reading of 0.23 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: ENPH correlations · SPY correlations
