ESCA vs SPY: Correlation
Escalade, Incorporated (ESCA) and SPDR S&P 500 ETF Trust (SPY) show a weak relationship: their 3-year correlation of weekly returns is 0.23.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESCA and SPY?
On 3 years of weekly data the ESCA/SPY correlation comes out at 0.23, weak. The link has loosened recently: the 1-year correlation (0.12) runs below the 3-year figure (0.23). The 5-year figure is 0.30, and annualized covariance runs at 123.5 %².
By 3-year correlation, SPY places #6 of the 11 assets tracked against ESCA. Their recent paths diverged sharply: over the last 12 months ESCA outperformed by 41.6 percentage points (+62.2% for ESCA against +20.6% for SPY). Note the risk asymmetry: ESCA runs 2.5 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.
ESCA vs SPY: side by side
| ESCA (Escalade, Incorporated) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +62.2% | +20.6% |
| 5-year return | +6.6% | +82.4% |
| Volatility (ann.) | 36.5% | 14.5% |
| Beta vs S&P 500 | 0.59 | 1.00 |
| Max drawdown (3Y) | -42.7% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 11.9 | – |
| Dividend yield | 3.03% | 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 | ESCA | SPY |
|---|---|---|
| 2022 | -32.2% | -18.2% |
| 2023 | +104.0% | +26.2% |
| 2024 | -25.9% | +24.9% |
| 2025 | -1.5% | +17.7% |
| 2026 | +52.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESCA and SPY good diversifiers for each other?
Reasonably. At 0.23, ESCA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ESCA and SPY?
The ESCA/SPY correlation stands at 0.23 on a 3-year window (1 year: 0.12, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ESCA?
Reasonably. At 0.23, ESCA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.23 mean?
A reading of 0.23 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: ESCA correlations · SPY correlations
