ENVX vs SPY: Correlation
Measured on weekly returns over the past three years, Enovix Corporation (ENVX) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ENVX and SPY?
On 3 years of weekly data the ENVX/SPY correlation comes out at 0.43, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. The 5-year figure is 0.46, and annualized covariance runs at 544.9 %².
Among the 22 assets we track against ENVX, SPY ranks #12 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 86.5 points (-65.9% versus +20.6%). Note the risk asymmetry: ENVX runs 6.1 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.
ENVX vs SPY: side by side
| ENVX (Enovix Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -65.9% | +20.6% |
| 5-year return | -76.8% | +82.4% |
| Volatility (ann.) | 88.0% | 14.5% |
| Beta vs S&P 500 | 2.61 | 1.00 |
| Max drawdown (3Y) | -82.9% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | – | – |
| 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 | ENVX | SPY |
|---|---|---|
| 2022 | -54.4% | -18.2% |
| 2023 | +0.6% | +26.2% |
| 2024 | -13.2% | +24.9% |
| 2025 | -32.8% | +17.7% |
| 2026 | -50.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ENVX and SPY good diversifiers for each other?
Reasonably. At 0.43, ENVX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ENVX and SPY?
Using weekly returns as of 2026-08-27: 0.43 over 3 years, with 0.45 over the last year and 0.46 over 5 years.
Is SPY a good diversifier for ENVX?
Reasonably. At 0.43, ENVX and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 mean?
On the −1 to +1 scale, 0.43 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: ENVX correlations · SPY correlations
