ERIE vs SPY: Correlation
Erie Indemnity (ERIE) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERIE and SPY?
Over the past 3 years, ERIE and SPY moved with a correlation of 0.18, which is weak. Lately the two have drifted apart, with the 1-year correlation at 0.06 versus 0.18 over 3 years. Over 5 years the correlation is 0.21, and the annualized covariance of weekly returns is 78.1 %².
Within ERIE's tracked universe of 33 assets, SPY comes in at #22 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 45.1 points (-24.5% versus +20.6%). The rolling one-year correlation moved between -0.06 and 0.27 over the past three years, a moderate range. One caveat on sizing: ERIE is 2.1 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.
ERIE vs SPY: side by side
| ERIE (Erie Indemnity) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -24.5% | +20.6% |
| 5-year return | +61.3% | +82.4% |
| Volatility (ann.) | 30.3% | 14.5% |
| Beta vs S&P 500 | 0.37 | 1.00 |
| Max drawdown (3Y) | -60.9% | -18.8% |
| Market cap | $13.6B | – |
| P/E (trailing) | 23.4 | – |
| Dividend yield | 2.24% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Financials | 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 | ERIE | SPY |
|---|---|---|
| 2022 | +32.0% | -18.2% |
| 2023 | +37.3% | +26.2% |
| 2024 | +24.7% | +24.9% |
| 2025 | -29.4% | +17.7% |
| 2026 | -8.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERIE and SPY good diversifiers for each other?
Yes. With a correlation of 0.18, ERIE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ERIE and SPY?
Using weekly returns as of 2026-08-27: 0.18 over 3 years, with 0.06 over the last year and 0.21 over 5 years.
Is SPY a good diversifier for ERIE?
Yes. With a correlation of 0.18, ERIE and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.18 mean?
On the −1 to +1 scale, 0.18 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: ERIE correlations · SPY correlations
