EQS vs SPY: Correlation
Equus Total Return, Inc. (EQS) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is -0.05.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQS and SPY?
On 3 years of weekly data the EQS/SPY correlation comes out at -0.05, near zero, meaning they move largely independently. The past 12 months show a weaker link (-0.18) than the 3-year average (-0.05). The 5-year figure is 0.03, and annualized covariance runs at -33.1 %².
By 3-year correlation, SPY places #7 of the 17 assets tracked against EQS. The last year tells two different stories: SPY led by 70.1 percentage points, -49.5% for EQS against +20.6% for SPY. One caveat on sizing: EQS is 3.3 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.
EQS vs SPY: side by side
| EQS (Equus Total Return, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -49.5% | +20.6% |
| 5-year return | -58.6% | +82.4% |
| Volatility (ann.) | 47.4% | 14.5% |
| Beta vs S&P 500 | -0.16 | 1.00 |
| Max drawdown (3Y) | -58.6% | -18.8% |
| Market cap | – | – |
| 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 | EQS | SPY |
|---|---|---|
| 2022 | -39.9% | -18.2% |
| 2023 | +1.4% | +26.2% |
| 2024 | -24.1% | +24.9% |
| 2025 | +28.2% | +17.7% |
| 2026 | -27.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are EQS and SPY good diversifiers for each other?
By historical standards, yes. A correlation of -0.05 means the two rarely move for the same reasons.
FAQ
What is the correlation between EQS and SPY?
As of 2026-08-27, the correlation of weekly returns between EQS and SPY is -0.05 over 3 years, -0.18 over 1 year and 0.03 over 5 years.
Is SPY a good diversifier for EQS?
By historical standards, yes. A correlation of -0.05 means the two rarely move for the same reasons.
What does a correlation of -0.05 mean?
A reading of -0.05 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: EQS correlations · SPY correlations
