ESOA vs SPY: Correlation
How closely do Energy Services of America Corporation (ESOA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.18, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ESOA and SPY?
Over the past 3 years, ESOA and SPY moved with a correlation of 0.18, which is weak. The link has loosened recently: the 1-year correlation (0.03) runs below the 3-year figure (0.18). Over 5 years the correlation is 0.09, and the annualized covariance of weekly returns is 180.6 %².
SPY is close to the least connected end of ESOA's tracked universe, ranking #7 of 11. On 12-month performance SPY holds a 6.6-point edge, +14.0% against +20.6%. One caveat on sizing: ESOA is 4.8 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.
ESOA vs SPY: side by side
| ESOA (Energy Services of America Corporation) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +14.0% | +20.6% |
| 5-year return | +517.2% | +82.4% |
| Volatility (ann.) | 70.1% | 14.5% |
| Beta vs S&P 500 | 0.86 | 1.00 |
| Max drawdown (3Y) | -57.4% | -18.8% |
| Market cap | $0.2B | – |
| P/E (trailing) | 19.1 | – |
| Dividend yield | 1.13% | 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 | ESOA | SPY |
|---|---|---|
| 2022 | -22.1% | -18.2% |
| 2023 | +141.3% | +26.2% |
| 2024 | +111.4% | +24.9% |
| 2025 | -34.4% | +17.7% |
| 2026 | +43.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ESOA and SPY good diversifiers for each other?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ESOA and SPY?
The ESOA/SPY correlation stands at 0.18 on a 3-year window (1 year: 0.03, 5 years: 0.09), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ESOA?
Yes: at 0.18, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of 0.18 mean?
A reading of 0.18 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: ESOA correlations · SPY correlations
