EPSN vs SPY: Correlation
How closely do Epsilon Energy Ltd. (EPSN) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.06, which is near-zero.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EPSN and SPY?
Over the past 3 years, EPSN and SPY moved with a correlation of 0.06, which is near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.24 versus 0.06 over 3 years. Over 5 years the correlation is 0.12, and the annualized covariance of weekly returns is 25.0 %².
Among the 13 assets we track against EPSN, SPY ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 16.0 points (+4.6% versus +20.6%). Note the risk asymmetry: EPSN runs 2.1 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.
EPSN vs SPY: side by side
| EPSN (Epsilon Energy Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +4.6% | +20.6% |
| 5-year return | +42.0% | +82.4% |
| Volatility (ann.) | 31.1% | 14.5% |
| Beta vs S&P 500 | 0.12 | 1.00 |
| Max drawdown (3Y) | -48.1% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | – | – |
| Dividend yield | 4.28% | 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 | EPSN | SPY |
|---|---|---|
| 2022 | +21.4% | -18.2% |
| 2023 | -19.5% | +26.2% |
| 2024 | +28.2% | +24.9% |
| 2025 | -22.1% | +17.7% |
| 2026 | +30.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EPSN and SPY good diversifiers for each other?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between EPSN and SPY?
Using weekly returns as of 2026-08-27: 0.06 over 3 years, with -0.24 over the last year and 0.12 over 5 years.
Is SPY a good diversifier for EPSN?
Yes: at 0.06, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.06 mean?
A reading of 0.06 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: EPSN correlations · SPY correlations
