EOSE vs SPY: Correlation
How closely do Eos Energy Enterprises, Inc. (EOSE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.36, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EOSE and SPY?
Across a 3-year window, the weekly returns of EOSE and SPY correlate at 0.36, moderate. The link has tightened recently: the 1-year correlation (0.46) runs above the 3-year figure (0.36). Stretching to 5 years gives 0.33, with an annualized covariance of 565.5 %².
Out of 10 assets tracked against EOSE, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with SPY ahead by 72.6 points (-52.0% versus +20.6%). One caveat on sizing: EOSE is 7.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
EOSE vs SPY: side by side
| EOSE (Eos Energy Enterprises, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -52.0% | +20.6% |
| 5-year return | -73.5% | +82.4% |
| Volatility (ann.) | 107.4% | 14.5% |
| Beta vs S&P 500 | 2.71 | 1.00 |
| Max drawdown (3Y) | -83.6% | -18.8% |
| Market cap | $1.2B | – |
| 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 | EOSE | SPY |
|---|---|---|
| 2022 | -80.3% | -18.2% |
| 2023 | -26.4% | +26.2% |
| 2024 | +345.9% | +24.9% |
| 2025 | +135.8% | +17.7% |
| 2026 | -70.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EOSE and SPY good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between EOSE and SPY?
Using weekly returns as of 2026-08-27: 0.36 over 3 years, with 0.46 over the last year and 0.33 over 5 years.
Is SPY a good diversifier for EOSE?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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.
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Related comparisons
Hubs: EOSE correlations · SPY correlations
