ENR vs SPY: Correlation
Energizer Holdings, Inc. (ENR) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.27.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENR and SPY?
Over the past 3 years, ENR and SPY moved with a correlation of 0.27, which is weak. Little has changed lately, as the 1-year reading of 0.34 lands near the 3-year figure. Over 5 years the correlation is 0.34, and the annualized covariance of weekly returns is 163.6 %².
Among the 13 assets we track against ENR, SPY ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 37.0 points (-16.4% versus +20.6%). Risk is not evenly split, since ENR carries 2.8 times the volatility of the other side.
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.
ENR vs SPY: side by side
| ENR (Energizer Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -16.4% | +20.6% |
| 5-year return | -30.7% | +82.4% |
| Volatility (ann.) | 41.2% | 14.5% |
| Beta vs S&P 500 | 0.78 | 1.00 |
| Max drawdown (3Y) | -56.1% | -18.8% |
| Market cap | $1.5B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 5.46% | 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 | ENR | SPY |
|---|---|---|
| 2022 | -13.2% | -18.2% |
| 2023 | -2.2% | +26.2% |
| 2024 | +14.4% | +24.9% |
| 2025 | -40.1% | +17.7% |
| 2026 | +16.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENR and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ENR and SPY?
Using weekly returns as of 2026-08-27: 0.27 over 3 years, with 0.34 over the last year and 0.34 over 5 years.
Is SPY a good diversifier for ENR?
Yes, to a useful degree: a correlation of 0.27 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.27 mean?
On the −1 to +1 scale, 0.27 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.
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Related comparisons
Hubs: ENR correlations · SPY correlations
