EQT vs SPY: Correlation
Measured on weekly returns over the past three years, EQT Corporation (EQT) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.22, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are EQT and SPY?
On 3 years of weekly data the EQT/SPY correlation comes out at 0.22, weak. The past 12 months show a weaker link (-0.23) than the 3-year average (0.22). The 5-year figure is 0.29, and annualized covariance runs at 108.8 %².
Among the 31 assets we track against EQT, SPY ranks #20 by 3-year correlation. Over the last 12 months SPY came out ahead by 12.7 percentage points (+7.9% against +20.6%). The relationship is regime-dependent: the rolling one-year correlation swung between -0.24 and 0.60 over the past three years, so this pair behaves very differently depending on the market environment. Risk is not evenly split, since EQT carries 2.4 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.
EQT vs SPY: side by side
| EQT (EQT Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +7.9% | +20.6% |
| 5-year return | +224.8% | +82.4% |
| Volatility (ann.) | 34.1% | 14.5% |
| Beta vs S&P 500 | 0.52 | 1.00 |
| Max drawdown (3Y) | -31.6% | -18.8% |
| Market cap | $34.3B | – |
| P/E (trailing) | 12.7 | – |
| Dividend yield | 1.19% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Energy | 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 | EQT | SPY |
|---|---|---|
| 2022 | +57.6% | -18.2% |
| 2023 | +16.2% | +26.2% |
| 2024 | +21.4% | +24.9% |
| 2025 | +17.6% | +17.7% |
| 2026 | +3.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
EQT represents 0.05% of SPY's portfolio, so part of any move in SPY is EQT itself, and the correlation between them is partly mechanical.
Are EQT 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 EQT and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with -0.23 over the last year and 0.29 over 5 years.
Is SPY a good diversifier for EQT?
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.
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Related comparisons
Hubs: EQT correlations · SPY correlations
