EOG vs SPY: Correlation
How closely do EOG Resources (EOG) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.07, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOG and SPY?
On 3 years of weekly data the EOG/SPY correlation comes out at 0.07, near zero, meaning they move largely independently. The link has loosened recently: the 1-year correlation (-0.53) runs below the 3-year figure (0.07). The 5-year figure is 0.24, and annualized covariance runs at 29.9 %².
Among the 40 assets we track against EOG, SPY ranks #29 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.7% for EOG and +20.6% for SPY. This link changes with the market regime, having swung between -0.52 and 0.47 on a rolling one-year basis. Risk is not evenly split, since EOG carries 1.9 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.
EOG vs SPY: side by side
| EOG (EOG Resources) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +21.7% | +20.6% |
| 5-year return | +171.5% | +82.4% |
| Volatility (ann.) | 28.1% | 14.5% |
| Beta vs S&P 500 | 0.14 | 1.00 |
| Max drawdown (3Y) | -23.7% | -18.8% |
| Market cap | $75.8B | – |
| P/E (trailing) | 11.3 | – |
| Dividend yield | 2.82% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | 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 | EOG | SPY |
|---|---|---|
| 2022 | +56.9% | -18.2% |
| 2023 | -2.0% | +26.2% |
| 2024 | +4.3% | +24.9% |
| 2025 | -11.4% | +17.7% |
| 2026 | +41.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.12% of SPY is EOG itself, so the fund partly moves with the stock by construction.
Are EOG and SPY good diversifiers for each other?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EOG and SPY?
Using weekly returns as of 2026-08-27: 0.07 over 3 years, with -0.53 over the last year and 0.24 over 5 years.
Is SPY a good diversifier for EOG?
Yes: at 0.07, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.07 mean?
On the −1 to +1 scale, 0.07 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: EOG correlations · SPY correlations
