EP vs SPY: Correlation
Empire Petroleum Corporation (EP) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EP and SPY?
Over the past 3 years, EP and SPY moved with a correlation of 0.22, which is weak. Lately the two have drifted apart, with the 1-year correlation at -0.06 versus 0.22 over 3 years. Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 208.3 %².
Among the 10 assets we track against EP, SPY sits near the bottom by co-movement, at rank #6. Their recent paths diverged sharply: over the last 12 months SPY outperformed by 53.5 percentage points (-32.9% for EP against +20.6% for SPY). Risk is not evenly split, since EP carries 4.6 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.
EP vs SPY: side by side
| EP (Empire Petroleum Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -32.9% | +20.6% |
| 5-year return | -46.4% | +82.4% |
| Volatility (ann.) | 67.0% | 14.5% |
| Beta vs S&P 500 | 1.00 | 1.00 |
| Max drawdown (3Y) | -77.9% | -18.8% |
| Market cap | $0.1B | – |
| 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 | EP | SPY |
|---|---|---|
| 2022 | +1.9% | -18.2% |
| 2023 | -10.7% | +26.2% |
| 2024 | -30.8% | +24.9% |
| 2025 | -60.0% | +17.7% |
| 2026 | +7.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EP and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between EP and SPY?
The EP/SPY correlation stands at 0.22 on a 3-year window (1 year: -0.06, 5 years: 0.12), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for EP?
Yes, to a useful degree: a correlation of 0.22 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.22 mean?
A reading of 0.22 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ep-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ep-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: EP correlations · SPY correlations
