ESEA vs SPY: Correlation
How closely do Euroseas Ltd. (ESEA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESEA and SPY?
Across a 3-year window, the weekly returns of ESEA and SPY correlate at 0.31, moderate. The relationship has been stable: the 1-year correlation (0.27) sits close to the 3-year figure. Stretching to 5 years gives 0.29, with an annualized covariance of 200.2 %².
SPY is close to the least connected end of ESEA's tracked universe, ranking #6 of 10. The trailing year gives ESEA the advantage: +28.7% versus +20.6%, a 8.1-point spread. One caveat on sizing: ESEA is 3.1 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.
ESEA vs SPY: side by side
| ESEA (Euroseas Ltd.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +28.7% | +20.6% |
| 5-year return | +417.1% | +82.4% |
| Volatility (ann.) | 45.2% | 14.5% |
| Beta vs S&P 500 | 0.96 | 1.00 |
| Max drawdown (3Y) | -38.0% | -18.8% |
| Market cap | $0.5B | – |
| P/E (trailing) | 3.8 | – |
| Dividend yield | 4.10% | 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 | ESEA | SPY |
|---|---|---|
| 2022 | -21.0% | -18.2% |
| 2023 | +83.4% | +26.2% |
| 2024 | +23.6% | +24.9% |
| 2025 | +96.0% | +17.7% |
| 2026 | +43.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESEA and SPY good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between ESEA and SPY?
As of 2026-08-27, the correlation of weekly returns between ESEA and SPY is 0.31 over 3 years, 0.27 over 1 year and 0.29 over 5 years.
Is SPY a good diversifier for ESEA?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: ESEA correlations · SPY correlations
