ERO vs SPY: Correlation
Measured on weekly returns over the past three years, Ero Copper Corp. (ERO) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.40, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERO and SPY?
Over the past 3 years, ERO and SPY moved with a correlation of 0.40, which is moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. Over 5 years the correlation is 0.39, and the annualized covariance of weekly returns is 319.4 %².
Out of 10 assets tracked against ERO, SPY lands near the bottom at #7. Correlation aside, the last 12 months split them widely, with ERO ahead by 153.8 points (+174.4% versus +20.6%). Note the risk asymmetry: ERO runs 3.8 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.
ERO vs SPY: side by side
| ERO (Ero Copper Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +174.4% | +20.6% |
| 5-year return | +110.6% | +82.4% |
| Volatility (ann.) | 54.7% | 14.5% |
| Beta vs S&P 500 | 1.53 | 1.00 |
| Max drawdown (3Y) | -59.7% | -18.8% |
| Market cap | $4.2B | – |
| P/E (trailing) | 13.3 | – |
| 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 | ERO | SPY |
|---|---|---|
| 2022 | -10.1% | -18.2% |
| 2023 | +14.8% | +26.2% |
| 2024 | -14.6% | +24.9% |
| 2025 | +109.9% | +17.7% |
| 2026 | +40.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERO and SPY good diversifiers for each other?
Reasonably. At 0.40, ERO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ERO and SPY?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.43 over the last year and 0.39 over 5 years.
Is SPY a good diversifier for ERO?
Reasonably. At 0.40, ERO and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ero-vs-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ero-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ERO correlations · SPY correlations
