ES vs SPY: Correlation
How closely do Eversource Energy (ES) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.13, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ES and SPY?
Across a 3-year window, the weekly returns of ES and SPY correlate at 0.13, weak. The relationship has been stable: the 1-year correlation (0.11) sits close to the 3-year figure. Stretching to 5 years gives 0.29, with an annualized covariance of 42.1 %².
By 3-year correlation, SPY places #17 of the 28 assets tracked against ES. On 12-month performance SPY holds a 6.1-point edge, +14.5% against +20.6%. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.14 to 0.51. Note the risk asymmetry: ES runs 1.6 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.
ES vs SPY: side by side
| ES (Eversource Energy) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.5% | +20.6% |
| 5-year return | -5.0% | +82.4% |
| Volatility (ann.) | 22.9% | 14.5% |
| Beta vs S&P 500 | 0.20 | 1.00 |
| Max drawdown (3Y) | -18.8% | -18.8% |
| Market cap | $26.7B | – |
| P/E (trailing) | 18.6 | – |
| Dividend yield | 4.30% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Utilities | 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 | ES | SPY |
|---|---|---|
| 2022 | -5.1% | -18.2% |
| 2023 | -23.4% | +26.2% |
| 2024 | -2.5% | +24.9% |
| 2025 | +22.9% | +17.7% |
| 2026 | +7.7% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ES and SPY good diversifiers for each other?
Yes. With a correlation of 0.13, ES and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ES and SPY?
The ES/SPY correlation stands at 0.13 on a 3-year window (1 year: 0.11, 5 years: 0.29), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ES?
Yes. With a correlation of 0.13, ES and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.13 mean?
A reading of 0.13 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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