EQH vs SPY: Correlation
How closely do Equitable Holdings, Inc. (EQH) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQH and SPY?
On 3 years of weekly data the EQH/SPY correlation comes out at 0.63, strong. Recent behaviour matches the longer record: 0.61 over 1 year against 0.63 over 3. The 5-year figure is 0.66, and annualized covariance runs at 249.2 %².
By 3-year correlation, SPY places #9 of the 20 assets tracked against EQH. Correlation aside, the last 12 months split them widely, with SPY ahead by 24.8 points (-4.2% versus +20.6%). One caveat on sizing: EQH is 1.9 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.
EQH vs SPY: side by side
| EQH (Equitable Holdings, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -4.2% | +20.6% |
| 5-year return | +83.5% | +82.4% |
| Volatility (ann.) | 27.3% | 14.5% |
| Beta vs S&P 500 | 1.19 | 1.00 |
| Max drawdown (3Y) | -35.8% | -18.8% |
| Market cap | $13.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 2.29% | 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 | EQH | SPY |
|---|---|---|
| 2022 | -10.2% | -18.2% |
| 2023 | +19.6% | +26.2% |
| 2024 | +45.0% | +24.9% |
| 2025 | +3.2% | +17.7% |
| 2026 | +7.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQH and SPY good diversifiers for each other?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between EQH and SPY?
As of 2026-08-27, the correlation of weekly returns between EQH and SPY is 0.63 over 3 years, 0.61 over 1 year and 0.66 over 5 years.
Is SPY a good diversifier for EQH?
Somewhat, no more. With 0.63 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.63 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: EQH correlations · SPY correlations
