ENVA vs SPY: Correlation
Enova International, Inc. (ENVA) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVA and SPY?
Over the past 3 years, ENVA and SPY moved with a correlation of 0.45, which is moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.45). Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 266.3 %².
Among the 16 assets we track against ENVA, SPY ranks #9 by 3-year correlation. Correlation aside, the last 12 months split them widely, with ENVA ahead by 77.5 points (+98.1% versus +20.6%). Note the risk asymmetry: ENVA runs 2.8 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.
ENVA vs SPY: side by side
| ENVA (Enova International, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +98.1% | +20.6% |
| 5-year return | +622.4% | +82.4% |
| Volatility (ann.) | 40.6% | 14.5% |
| Beta vs S&P 500 | 1.27 | 1.00 |
| Max drawdown (3Y) | -30.0% | -18.8% |
| Market cap | $5.9B | – |
| P/E (trailing) | 17.6 | – |
| 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 | ENVA | SPY |
|---|---|---|
| 2022 | -6.3% | -18.2% |
| 2023 | +44.3% | +26.2% |
| 2024 | +73.2% | +24.9% |
| 2025 | +64.0% | +17.7% |
| 2026 | +51.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVA and SPY good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ENVA and SPY?
The ENVA/SPY correlation stands at 0.45 on a 3-year window (1 year: 0.29, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ENVA?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/enva-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/enva-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ENVA correlations · SPY correlations
